Business
Loan extension and drawdown
Loan extension and drawdown.
About this update from Time Out Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 0323N\n Time Out Group plc\n 15 May 2020\n \n \n \n \n 15 May 2020\n \n \n \n \n \n Time Out Group plc\n \n \n (\"Time Out\", the \"Company\" or the \"Group\")\n \n \n \n \n \n Loan extension and drawdown\n \n \n \n Time Out Group plc (AIM: TMO), the global media and leisure business, announces that the Company has extended its existing £20 million loan from Oakley Capital Investments Limited (\"OCI\") (plus £4.2 million of accrued interest as at 01 May 2020) by drawing down £2.5 million of an available £18 million extension (the \"Loan Extension\"). The availability of this Loan Extension was first announced in September 2018 and is part of the liquidity available to the Company set out in the announcement dated 23 March 2020. The Loan Extension has now been executed and is provided on identical terms to the existing loan. Funds drawn will be repayable in May 2021 along with accrued interest charged at 12 per cent.\n \n \n \n \n \n The drawn funds together with cash reserves of £3.6m, as at 01 May 2020, provide near term liquidity, whilst the Company f\n inalises longer term funding in response to the impact of the COVID-19 pandemic and the previously announced, resultant temporary closure of all six Time Out Markets and a slowing of advertising revenues.\n \n \n \n OCI is interested in 31,436,385 ordinary shares of 0.1 pence each in the Company (\"Ordinary Shares\"), representing 21.2 per cent. of the Company's issued share capital. OCI and Oakley Capital Private Equity L.P. together hold 76,797,400 Ordinary Shares, representing 51.7% of the Company's issued share capital. As a substantial shareholder in Time Out, OCI is a related party of the Company and the execution of the Loan Extension is, for the purposes of AIM Rule 13, considered a related party transaction. Any possible future drawdowns on the Loan Extension will not be considered as new related party transactions for the purposes of AIM Rule 13. The Directors of the Company (excluding Peter Dubens, Non-Executive Chairman of the Company, and Alexander Collins, Non-Executive Director of the Company, who are considered to be involved in the Loan Extension as a consequence of their being partners of Oakley Capital Private Equity L.P., and Oakley Capital Limited and Peter Dubens being a non-executive director of OC...