Liberum acts as Nomad and Sole Bookrunner on £47m fundraising for Time Out Group Plc
We are pleased to announce that Liberum acted as Nomad and Sole Bookrunner on a placing and open offer to raise £47.1m for Time Out Group Plc through the issue of 134,707,95 shares at a price of 35 pence per share.
Time Out 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.
2019 was a transformational year for the Company with gross revenue up 58% to £77.1m and the opening of five new markets in Miami, New York, Boston, Chicago and Montreal. 2019 saw the Group’s global audient increase by 18% to a monthly average of 63 million.
The Company has implemented various self-help measures to preserve cash including furloughing staff, renegotiating rent, overhead reduction, ceasing global print and loan restructuring. The fundraise, alongside a debt restructuring, will help to further strengthen the balance sheet, repay existing debt, and part fund new Markets in London Waterloo and Porto.
Investment Banking – Clayton Bush, Andrew Godber, Edward Thomas, Miquela Bezuidenhoudt, Anthony Schia
Research – Anna Barnfather
Board – David Parsons
Sales – Julian Collett, Lucy Sharma, Jamie Vickers, Oliver Baxendale, Alistair Smallwood, Ed Blair
CIR – Natalie Clarke
Legal – Rebecca Gordon, Alice Foster