Time Out Group plc’s £17 Million Capital Raising

Ashurst advised Time Out Group plc on the deal.

The £17 million capital raising comprised a firm placing, retail offer, conditional placing and placing and open offer. 

The capital raising was underpinned by a cornerstone investment by Lombard Odier, who agreed to subscribe for new ordinary shares with an aggregate value of up to £15 million.

Pursuant to the equity fundraising, Time Out has issued in aggregate 48,571,947 new ordinary shares (representing approximately 14.6 per cent of the enlarged issued share capital of the Company) at a price of 35 pence per share, raising gross proceeds of approximately £17 million. The conditional placing was subject to shareholder approval which was obtained at a general meeting held on 20 April 2021. The new ordinary shares issued pursuant to the firm placing and retail offer were admitted to trading on AIM on 6 April 2021 and the new ordinary shares issued pursuant to the conditional placing and placing and open offer were admitted to trading on AIM on 21 April 2021.

Liberum acted as sole bookrunner in relation to the equity fundraising.

The Ashurst team was led by corporate partner Simon Bullock (Picture), supported by associates Louise Johnson and Yoana Georgieva. Senior consultant Jeffrey Sultoon, counsel Jeffrey Johnson and senior associates Harry Thimont and Marianna Kennedy also advised. Partner Nicholas Gardner and associate Rebecca Kell advised on tax matters.

Involved fees earner: Simon Bullock – Ashurst; Nicholas Gardner – Ashurst; Yoana Georgieva – Ashurst; Jeffrey Johnson – Ashurst; Louise Johnson – Ashurst; Rebecca Kell – Ashurst; Marianna Kennedy – Ashurst; Harry Thimont – Ashurst;

Law Firms: Ashurst;

Clients: Time Out Group plc;

Federica Tiefenthaler

Author: Federica Tiefenthaler

Time Out Group plc’s £17 Million Capital Raising

Ashurst advised Time Out Group plc on the deal.

The £17 million capital raising comprised a firm placing, retail offer, conditional placing and placing and open offer. 

The capital raising was underpinned by a cornerstone investment by Lombard Odier, who agreed to subscribe for new ordinary shares with an aggregate value of up to £15 million.

Pursuant to the equity fundraising, Time Out has issued in aggregate 48,571,947 new ordinary shares (representing approximately 14.6 per cent of the enlarged issued share capital of the Company) at a price of 35 pence per share, raising gross proceeds of approximately £17 million. The conditional placing was subject to shareholder approval which was obtained at a general meeting held on 20 April 2021. The new ordinary shares issued pursuant to the firm placing and retail offer were admitted to trading on AIM on 6 April 2021 and the new ordinary shares issued pursuant to the conditional placing and placing and open offer were admitted to trading on AIM on 21 April 2021.

Liberum acted as sole bookrunner in relation to the equity fundraising.

The Ashurst team was led by corporate partner Simon Bullock (Picture), supported by associates Louise Johnson and Yoana Georgieva. Senior consultant Jeffrey Sultoon, counsel Jeffrey Johnson and senior associates Harry Thimont and Marianna Kennedy also advised. Partner Nicholas Gardner and associate Rebecca Kell advised on tax matters.

Involved fees earner: Simon Bullock – Ashurst; Nicholas Gardner – Ashurst; Yoana Georgieva – Ashurst; Jeffrey Johnson – Ashurst; Louise Johnson – Ashurst; Rebecca Kell – Ashurst; Marianna Kennedy – Ashurst; Harry Thimont – Ashurst;

Law Firms: Ashurst;

Clients: Time Out Group plc;

Federica Tiefenthaler

Author: Federica Tiefenthaler