Business
Results of Placing and Notice of General Meeting
Results of Placing and Notice of General Meeting.
About this update from Time Out Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 8026N\n Time Out Group plc\n 22 May 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 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 THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR IMMEDIATE RELEASE.\n \n \n 22 May 2020\n \n \n Time Out Group plc\n(\"Time Out\" or the \"Company\")\n \n \n Results of Placing \n \n \n and\n \n \n Notice of General Meeting\n \n \n \n \n \n The Company is pleased to announce that, following the announcement of its non-pre-emptive placing earlier today (the \"Placing\"), it has placed 128,571,428 new ordinary shares in the capital of the Company (the \"Placing Shares\") at a price of 35 pence per Placing Share (the \"Issue Price\"), raising gross proceeds of approximately £45 million.\n \n \n Liberum Capital Limited (\"Liberum\") acted as sole bookrunner in relation to the Placing. \n \n \n \n Julio Bruno, CEO of the Company, said\n \n :\n \n \n \n \n \n \"A combination of this successful fundraising, a cost reduction programme and further strategic initiatives will support Time Out as it emerges from this period of COVID-19 led disruption with a stronger brand, a larger audience and a higher operating margin and will be well positioned to continue the successful Time Out Markets roll-out which transformed the Group in 2019.\"\n \n \n \n \n \n \n \"Consumers and chefs alike are keen to return to our Markets, which will offer an appealing proposition following the lifting of lockdown. Large, well-ventilated Market venues are well suited to allow social distancing in an enjoyable environment, whilst continuing to offer the very best food a city has to offer.\n \n \n \"\n \n \n \n \n \n \n Related Party Transactions\n \n \n Oakley Capital Private Equity L.P. (\"OCPE\") has agreed to subscribe for 35,100,000 Placing Shares pursuant to the Placing and Oakley Capital Invest...