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Beyond Frames Entertainment AB announces it has received a notification of major holding adjustment from ARVR Holding AB. The notification states that ARVR Holding decreased its number of shares and voting rights in Beyond Frames Entertainment AB, adjusting its share below 15% to 13.05%.
Due to the previously announced share purchase agreement between ARVR Holding and Beyond Frames Entertainment's CEO, Ace St. Germain, ARVR Holding AB's shareholding in Beyond Frames Entertainment has decreased to 2,262,841 shares, which corresponds to 13.05%. The aforementioned share purchase was made in relation to the CEO's long-term incentives due to the strong performance and positive future outlook under St. Germain's leadership.
"ARVR Holding AB and its parent company invest long-term in technological shifts, including the AR/VR shift, which we believe is still in its early stages and growing more rapidly than ever. ARVR Holding practices active ownership and views this transaction as one of many value-creating measures for Beyond Frames Entertainment and us shareholders. Since his appointment at Beyond Frames Entertainment, Ace has met high expectations, and we are confident that he will continue to deliver. The current incentive programs will benefit the company's continued global growth in the long term," comments Jesper Åkerlind, representative of ARVR Holdings AB.