REG - Sure Ventures PLC - Infinite Reality to acquire Landvault for $450m

Sure VenturesAnnouncement

10/07/2024 07:00

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RNS Number : 7663V  Sure Ventures PLC  10 July 2024

Sure Ventures PLC

Infinite Reality agrees to acquire Landvault, Sure Valley Ventures Fund 1
(ICAV) Company for

$450,000,000

 

Sure Ventures PLC is pleased to announce that Infinite Reality ("iR") has
agreed to acquire Landvault for US$450 million in an all-share transaction.
 Landvault is a portfolio company of the Sure Valley Ventures Fund ("SVV1").

SVV1 has a 7% shareholding in Landvault and Sure Ventures PLC owns 25.9% of
Sure Valley Ventures ("SVV1"). The purchase consideration for Landvault would
comprise new shares in iR and it is expected that this company will be seeking
a listing on Nasdaq in Q3 2024 through a combination with its SPAC partner,
Newbury Street Acquisition Corp.

Based on the figures set out above, this disposal has the potential to
generate proceeds for Sure Ventures PLC of circa $ 8.3 million depending on
the value of iR shares, a circa 470% uplift on SVV1's  carrying value of
Landvault as at end of March 2024.

Furthermore, iR has also today announced a US$350 million minority
investment from a private multi-family office focused on global technology,
media, and real estate, increasing iR's valuation to $5.1 billion. Further
details will become available once iR publishes details of its proposed
listing on Nasdaq, although there can be no guarantee that a listing of iR
will ultimately take place.

iR is an innovation company powering the next generation of digital media and
ecommerce through AI and immersive technologies. iR's virtual worlds enable
brands and creators to fully control how they distribute content, engage
audiences, and monetize their creations while maintaining ownership of their
data. With deep expertise in Hollywood production and extended reality ("XR"),
iR is redefining the infinite possibilities of connected digital environments
in the modern age. iR's portfolio of brands includes the Drone Racing League
(https://www.drl.io/) , XR production facility Thunder Studios
(https://www.thunderstudios.com/) , creator talent management firm TalentX,
and digital marketing agency Fearless Media (https://fearlessmedia.com/) .

The company is backed by a number of investors including RSE Ventures, Liberty
Media, Lux Capital, Lerer Hippeau, MGM, CAA, T-Mobile Ventures, Courtside VC,
Exor, Terracap, IAC, Live Nation, DJ and producer Steve Aoki, rock band
Imagine Dragons, NBA player Rudy Gobert, Interscope Records, and more. For
more information, go to theinfinitereality.com
(https://theinfinitereality.com/) .

This represents a significant uplift in value within SVV1 fund and will have a
significant impact on our NAV for this quarter, which will be announced
towards the end of July. The SVV1 portfolio has maturing companies that are
now at the stage of looking for realisation and this highlights the talent of
the team, the value being created and the potential uplift available to
shareholders.

Gareth Burchell-Sure Ventures PLC

"This is a major development for the Landvault leadership team, the Sure
Valley Ventures Investment team and Sure Ventures PLC shareholders and board.
This type of news illustrates the significant value creation at play from one
portfolio company, the Sure Valley team have created a diverse portfolio, with
numerous other potential exits of this magnitude".

For further information, please visit www.sureventuresplc.com or contact:

Gareth Burchell

Sure Ventures plc

+44 (0) 20 7186 9918

 

 

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