VR Education notified of exercise of options over more than 330,000 shares

Exercise will raise gross proceeds of almost €8,600 for the company

David Whelan, chief executive, and Sandra Whelan, chief operating officer of VR Education. Photograph: Shane O’Neill/ SON Photographic

David Whelan, chief executive, and Sandra Whelan, chief operating officer of VR Education. Photograph: Shane O’Neill/ SON Photographic

 

Waterford-based virtual reality company VR Education said it has received notification for the exercise of options over more than 330,000 shares, rasing almost €8,600.

The company, which focuses on education and training, said the exercise of options over 330,447 ordinary shares was at an exercise price of 2.6 cent, providing it with gross proceeds of €8,591.62.

Before trading opened on Wednesday, the company’s shares were priced at over 20 cent on the Irish market, indicating a value of €66,750.

The company declined to name the individual who has decided to exercise the options, noting that they requested to remain anonymous. The company confirmed that the individual is not a director of the company. VR Education operates a “small employee share option plan pool for long term employees of the company,” a spokeswoman said.

The company will apply to the London Stock Exchange to admit the shares to trading on the Alternative Investment Market (AIM) and the Irish exchange where the company also has a listing. Admission of the shares will take place around June 22nd and the shares will rank pari passu with existing shares.

VR Education said earlier this week that revenue at the group rose 43 per cent last year, leading the company to report a loss before tax of €1.9 million in line with expectations.

Net cash at the end of the year was €1.3 million and the company carried no debt.