Liberum acts as Sole Bookrunner and Nomad on Time Out Group’s £17.1m placing
We are pleased to announce that Liberum acted as Sole Bookrunner and Nomad on a Placing to raise £17.1m for Time Out Group (“TMO”) through the issue of 13.5m shares at 127p with new and existing institutional investors. Due to the significant level of demand, the placing was completed at a premium to the closing price on the previous trading day.
Time Out Group is a global media and leisure business that comprises two highly synergistic business divisions, Time Out Media and Time Out Market. Time Out Media’s digital and physical media proposition comprises websites, mobile, social media, print and live events. Time Out Market is a food and cultural market leveraging the Time Out brand to bring the best of the city under one roof.
Time Out will use the £17.1m proceeds of the placing for continued investment in the roll-out of Time Out Market and to reduce Group indebtedness.
Board - David Parsons
Investment Banking – Joshua Hughes, Euan Brown, William Hall
Research – Andy Bryant, Anna Barnfather
Sales – Julian Collett, Alistair Smallwood
General Counsel – Rebecca Gordon
Corporate and Investor Relations – Lynsey Cox