Business
Results of Open Offer & Related Party Transaction
Results of Open Offer & Related Party Transaction.
About this update from Time Out Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 3210P\n Time Out Group plc\n 09 June 2020\n \n \n \n \n THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION, DISTRIBUTION OR FORWARDING, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.\n \n \n \n \n \n THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION. PLEASE SEE THE IMPORTANT NOTICES AT THE END OF THIS ANNOUNCEMENT.\n \n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR IMMEDIATE RELEASE.\n \n \n \n \n \n 9 June 2020\n \n \n \n \n \n Time Out Group plc\n \n \n (\"Time Out\" or the \"Company\")\n \n \n \n \n \n Results of Open Offer \n \n \n and\n \n \n Related Party Transaction\n \n \n \n \n \n On 22 May 2020, Time Out announced a proposed Placing and Open Offer of New Ordinary Shares to raise, in aggregate, up to £49 million (before expenses) by way of a Placing to raise gross proceeds of £45 million and an Open Offer to raise gross proceeds of up to approximately £4 million, in each case at an issue price of 35 pence per New Ordinary Share. \n \n \n \n \n \n The Company announces the result of the Open Offer as follows:\n \n \n \n \n \n 6,135,967 New Ordinary Shares were taken up under the Open Offer, including Open Offer Shares applied for pursuant to the Excess Application Facility, raising gross proceeds of approximately £2.1 million. \n \n \n \n \n \n Completion of the Placing and Open Offer is conditional upon, inter alia, the approval by Shareholders of the Resolutions, to be proposed at the General Meeting of the Company to be held on 11 June 2020. Subject to the passing of the Resolutions at the General Meeting, application will be made for the New Ordinary Shares to be admitted to trading on AIM. Admission is expected to occur at 8.00 a.m. on 12 June 2020, when dealings in the New Ordinary Shares are expected to begin.\n \n \n \n \n \n Related Party Transaction\n \n \n \n \n \n Peter Dubens, Non-Executive Chairman of the Company, has taken up his Open Offer Entitlement in full, representing 424,048 New Ordinary Sha...