Business
Acquisition of TimeOut Australia Licensing Partner
Acquisition of TimeOut Australia Licensing Partner.
About this update from Time Out Group Plc
[{"type":"text","content":"\n \nRNS Number : 0702H Time Out Group plc 05 June 2017 \n\n5 June 2017\n \nTime Out Group plc\n(\"Time Out\", the \"Company\" or the \"Group\")\n \nAnnounces acquisition of Time Out Australia Licensing Partner\n \nTime Out Group plc (AIM: TMO), the global media and entertainment business with food and cultural markets, is pleased to announce the acquisition of Print and Digital Publishing Pty Limited (\"the Acquisition\"), the Group's Australian licensing partner. The partner runs Time Out in five cities in Australia. \n \nLaunched in 2007 to inspire and enable people to make the most of Sydney, Melbourne, Perth, Adelaide and Brisbane, Time Out Australia has established a leading digital portfolio across online, mobile and social channels as well as highly-curated monthly magazines in Sydney and Melbourne. The acquisition provides the Group with further growth and monetisation opportunities across e-commerce, advertising and Premium Profiles. \n \nThe acquisition follows the addition of Time Out Hong Kong in March 2017 to the Group's network of owned and operated businesses which now comprises 71 cities in 17 countries. Including its licensing partners, Time Out has a worldwide presence in 108 cities across 39 countries.\n \nThe Company has applied for 1,656,930 ordinary shares of 0.1 pence in the Company (the \"Consideration Shares\") to be admitted to trading on AIM in connection with the acquisition. It is expected that admission will take place on 7 June 2017. Following admission of the Consideration Shares the Company's issued ordinary share capital will comprise 132,823,574 ordinary shares of 0.1 pence each with voting rights. This figure may be used by shareholders as a denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Time Out under the FCA's Disclosure and Transparency Rules.\n \nJulio Bruno, CEO of Time Out Group plc, said:\n \n\"With the acquisition of Time Out Australia, we continue the global expansion of our iconic brand and our evolution as a worldwide digital, transactional business. I am delighted to welcome a very successful and trusted licensing partner and its team to our network of owned and operated businesses.\n \nTime Out is hugely popular amongst both lo...