Further Investment in Time Out Group plc

26 January 2022

CIP MERCHANT CAPITAL LIMITED

("CIP" or the "Company") 

Further Investment in Time Out Group plc

Further to the Company's announcement of 15 December 2021, CIP is pleased to announce that it has purchased a further 3.6 million ordinary shares in Time Out Group plc (AIM:TMO) ("Time Out"), the AIM quoted global media and hospitality business which seeks to enable people to explore and enjoy the best of cities around the world, for a total consideration of approximately £2.1 million (the "Further Investment").

Accordingly, following the acquisition of the Further Investment, the Company is now interested in 5,665,679 ordinary shares in Time Out, representing approximately 1.69 per cent. of its existing issued share capital.

For the 18 months ended 30 June 2021, Time Out achieved revenue of £44.9 million, a gross profit of £30.2 million and a net loss for the period of £70.6 million. As at 30 June 2021, Time Out had cash and cash equivalents of £19.1 million and net assets of £68.8 million.

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The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European (Withdrawal) Act 2018 (as amended).