Time Out Group plc Acquisition of TimeOut Australia Licensing Partner (0702H)
05 June 2017 - 4:00PM
UK Regulatory
TIDMTMO
RNS Number : 0702H
Time Out Group plc
05 June 2017
5 June 2017
Time Out Group plc
("Time Out", the "Company" or the "Group")
Announces acquisition of Time Out Australia Licensing
Partner
Time 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.
Launched 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.
The 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.
The 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.
Julio Bruno, CEO of Time Out Group plc, said:
"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.
Time Out is hugely popular amongst both locals and visitors to
Australia and has built considerable brand awareness. We are all
looking forward to continuing to grow the brand and help this
engaged audience to discover, book and share the very best of
Australia's cities with our unique, curated content and local
expertise."
Michael Rodrigues, MD Australia of Time Out Digital:
"October will see the tenth anniversary of the Time Out brand in
Australia. From humble beginnings in a warehouse apartment in
Camperdown, our audience across multiple platforms has been in
steady ascent. As the dominant urban media and entertainment brand,
joining the mothership at this point gives our advertiser base
something our rivals will never be able to offer - access to key
international markets in Asia, like Hong Kong, and cities further
afield like London, Paris, Chicago and New York.
For my gifted team who work tirelessly to inspire our audience
to get the best out of their city, it opens up avenues for career
development and opportunities internationally. I look forward to
this next exciting chapter which will see us leverage our global
competitive advantage and further expand the brand across
Australasia."
For further information, please
contact:
Time Out Group plc Tel: +44 (0)207
813 3000
Julio Bruno, CEO
Richard Boult, CFO
Steven Tredget, Investor Relations
Director
Liberum Capital Limited (Nominated Tel: +44 (0)203
Adviser and Broker) 100 2222
Steve Pearce / Jill Li
FTI Consulting LLP Tel: +44 (0)203
727 1000
Edward Bridges / Stephanie Ellis
/ Frances Elworthy
Notes to editors
About Time Out Group plc
Time Out Group is the leading global media and entertainment
business with a content distribution network comprising digital,
mobile, apps, social media and print and a physical presence via
Live Events and Time Out Market. Using these platforms and its
well-established global brand, Time Out seeks to inspire and enable
people to make the most of a city, through curated content around
food, drink, music, theatre, art, style, travel and entertainment.
Time Out, listed on AIM and headquartered in the United Kingdom, is
present in 108 cities and 39 countries and has a global monthly
audience reach of 156 million.
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACQUGUCWQUPMGAP
(END) Dow Jones Newswires
June 05, 2017 02:00 ET (06:00 GMT)
Time Out (LSE:TMO)
Historical Stock Chart
From Apr 2024 to May 2024
Time Out (LSE:TMO)
Historical Stock Chart
From May 2023 to May 2024