Time Out Group plc Loan extension and drawdown (0323N)
15 May 2020 - 4:00PM
UK Regulatory
TIDMTMO
RNS Number : 0323N
Time Out Group plc
15 May 2020
15 May 2020
Time Out Group plc
("Time Out", the "Company" or the "Group")
Loan extension and drawdown
Time Out Group plc (AIM: TMO), the global media and leisure
business, announces that the Company has extended its existing
GBP20 million loan from Oakley Capital Investments Limited ("OCI")
(plus GBP4.2 million of accrued interest as at 01 May 2020) by
drawing down GBP2.5 million of an available GBP18 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.
The drawn funds together with cash reserves of GBP3.6m, as at 01
May 2020, provide near term liquidity, whilst the Company f
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.
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 OCI),
consider that, having consulted with the Company's nominated
adviser, Liberum Capital, the terms of the Loan Extension are fair
and reasonable insofar as shareholders in the Company are
concerned.
This announcement is released by Time Out Group plc and contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) 596/2014 (MAR), and is disclosed in
accordance with the Company's obligations under Article 17 of
MAR.
For the purposes of MAR and Article 2 of Commission Implementing
Regulation (EU) 2016/1055, this announcement is being made on
behalf of the Company by Julio Bruno, Chief Executive.
For further information, please contact:
Time Out Group plc Tel: +44 (0)207 813
3000
Julio Bruno, CEO
Adam Silver, CFO
Steven Tredget, Investor Relations Director
Liberum (Nominated Adviser and Broker) Tel: +44 (0)203 100
2222
Clayton Bush / Andrew Godber / Edward Thomas
FTI Consulting LLP Tel: +44 (0)203 727
1000
Edward Bridges / Stephanie Ellis
Notes to editors
About Time Out Group plc
Time Out Group is a global media and leisure business that helps
people explore and experience the best of the city through its two
divisions - Time Out Media and Time Out Market. Time Out launched
in London in 1968 with a magazine to help people discover the
exciting new urban cultures that had started up all over the city.
Today, the Group's digital and physical presence comprises
websites, mobile, magazines, live events and Time Out Market.
Across these platforms Time Out distributes its curated content -
written by professional journalists - around the best food, drink,
culture, entertainment and travel across 328 cities in 58
countries. Time Out Market is a food and cultural market which
brings the best of the city under one roof: its best chefs, drinks
and cultural experiences - based on editorial curation. The first
Time Out Market opened in Lisbon in 2014 and Miami, New York,
Boston, Montreal and Chicago followed in 2019 with a further
pipeline in other global locations. Time Out Group, listed on AIM,
is headquartered in the United Kingdom.
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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