Genius Group to hold EGM on April 28 for Entreprenuer Resorts spinoff

Genius Group will hold an extraordinary general meeting of shareholders on April 28, 2023, at 8:00 a.m. ET. The proposal to be submitted for shareholders’ approval at the EGM is to consider and vote on the resolutions for the spinoff of its subsidiary Entrepreneur Resorts and modifications to the Company’s Constitution. ERL is a public listed company on the Seychelles MERJ Stock Exchange with a share price of $2.75 and market cap of $37 million, with 97% of outstanding shares owned by Genius Group. The company was acquired in June 2020 in an all-share swap, with shareholders in ERL receiving shares in Genius Group. ERL operates a Bali resort, South Africa safari and co-working cafes in Bali and Singapore. The board of directors believes the spinoff will be of benefit to shareholders, as it will streamline and rationalize the group’s operations into Genius Group Ltd with its Edtech focus, and Entrepreneur Resorts Ltd, with its hospitality focus, enabling the management teams of both companies to grow their respective business models most effectively. If approved by shareholders and by court order, the spinoff will result, after NYSE and SEC approval, in all shareholders of Genius Group receiving an equal percentage of shares in ERL. Details related to the proposal and the EGM meeting will be available in the coming weeks.