7th Oct 2019 17:08
(Alliance News) - Time Out Group PLC on Monday said it has completed a GBP17.1 million share placing at a slight premium to help fund the continued roll-out of its Time Out Market venues.
Earlier on Monday, Time Out proposed to place up to 13.5 million shares at 127 pence per share each, a 0.4% premium to Friday's closing price of 126.50p. The placing shares will represent around 10% of existing share capital.
Shares in Time Out closed 1.0% higher at 127.75 pence in London on Monday, giving it a market capitalisation of around GBP172 million.
The AIM-listed publisher said it would use the funds to invest in its "next stage of development". In particular, Time Out expects to use the cash raised to continue to roll-out its food venue business Time Out Market, as well as reduce debt levels.
By Ahren Lester; [email protected] updated by Eric Cunha; [email protected]
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