Liberum acts as Nomad and Sole Bookrunner on £17m 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 £17.0m for Time Out Group Plc through the issue of 48,571,947 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.
Despite the ongoing restrictions and challenges of the COVID-19 pandemic, the Group has continued to make progress in opening new markets and signing new management agreements, including in Dubai (April 2021), Porto (2022), Abu Dhabi (2023) and Prague (2025).
The fundraise, along with a continued cost management programme and further strategic initiatives, will help the Company emerge following the pandemic, with a greater digital focus, higher operating margins due to an optimised cost base, more Time Out Markets open and a large global audience that has remained engaged with Time Out and its content.
Investment Banking – Clayton Bush, Andrew Godber, Edward Thomas, Miquela Bezuidenhoudt, Anthony Schia
Research – Anna Barnfather
Board – David Parsons
Sales – Julian Collett, Oliver Baxendale, Jamie Vickers, Alistair Smallwood, Gabriella Cowley
CIR – Natalie Clarke
Legal – Rebecca Gordon, Alice Foster