Ocean Outdoor Limited GBP35m Debt Financing and 2019 Results Reporting (2929O)
29 May 2020 - 4:00PM
UK Regulatory
TIDMOOUT
RNS Number : 2929O
Ocean Outdoor Limited
29 May 2020
29 May 2020
Ocean Outdoor Limited
("Ocean" or the "Company" or the "Group")
New Debt Financing of GBP35 Million
2019 Results Reporting and Conference Call
Ocean Outdoor Limited (LSE: OOUT), a leading operator of premium
Digital Out-of-Home ("DOOH") advertising in the United Kingdom, the
Netherlands, the Nordics and Germany, is pleased to announce that
it has strengthened its liquidity position with new financing
arrangements.
The Group has entered into a GBP35 million facility agreement,
comprising of a term loan and revolving credit facility. GBP25
million of the new facility has been issued under the UK government
backed Coronavirus Large Business Interruption Loan Scheme
("CLBILS").
The Group's cash position, as of 29 May 2020, stands at GBP32
million, providing the business with substantial liquidity of GBP67
million. In addition, the management team has continued with its
cash conservation and cost reduction programme. The Group is
confident that it has sufficient liquidity should advertising
conditions remain subdued for an extended period.
The Group can confirm there is no material change to the Full
Year 2019 revenue and EBITDA figures announced on 18 February 2020.
Due to Covid-19, the audit requirements include a more detailed
review and to that end the Group will now release its 2019 results
on 8 June, 2020.
The conference call for investors and analysts, presenting the
Full Year 2019 results and an update on Q1 2020, will take place on
8 June 2020 at 13:00 BST / 08:00 ET. Dial-in details below:
UK Toll Free: 0808 109 0700
USA Toll Free: 1 866 966 5335
Standard International Access: +44 (0)20 3003 2666
Password: Ocean Outdoor
For further information please contact:
Ocean Outdoor
Tim Bleakley, CEO 020 7292
Susann Jerry, Head of Corporate Communications 6161
Yellow Jersey PR
Charles Goodwin
Georgia Colkin 07747 788
Joe Burgess 221
About Ocean Outdoor
Ocean Outdoor operates some of the most prestigious digital
out-of-home (DOOH) locations in the UK, Northern and Continental
Europe.
The Ocean portfolio features the UK's most iconic DOOH locations
including the BFI IMAX; the Landsec Piccadilly Lights and a
significant presence in the top 12 UK cities. Ocean's portfolio of
high-profile landlords and partners includes Birmingham,
Manchester, Glasgow and Southampton City Councils, Landsec,
Unibail-Rodamco-Westfield, the BFI and intu.
In the UK, a continued focus on Ocean's Digital Cities for
Digital Citizens philosophy has significantly augmented the Group's
position as an operator of high quality DOOH assets. Ocean
continues to deliver good organic development through new City
tender wins, the rollout of new locations in Scotland, London, the
West Midlands and Manchester and significant screen investment.
Strategic acquisitions that complement the existing DOOH
portfolio remain a strategic pillar of the growth programme. This
continued with three Dutch acquisitions in spring 2019, giving the
company a significant share of the Netherlands market where it has
become a major DOOH player. These subsidiaries have since been
rebranded as Ocean Netherlands.
In September 2019, Ocean acquired the assets of Visual Art, a
Sweden based independent, pure-play DOOH media and tech group which
operates in three Nordic countries (Sweden, Norway, Denmark) and
key cities in Germany. This transaction expands Ocean's portfolio
across 23 Unibail-Rodamco-Westfield shopping malls in Europe, in
addition to holding the exclusive external rights to two of the
largest premium urban shopping malls in Europe: Westfield London
and Westfield Stratford in the UK.
In February 2020, Ocean closed the acquisition of AdCityMedia, a
Sweden-based premium out-of-home and digital screen tech operator
focused on large format digital and high-end city centre locations
across Sweden, Norway, Denmark and Finland. The combined entities
of Visual Art and AdCityMedia, referred to as Ocean Nordics, will
create the leading DOOH operator in the region.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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