Investment in Time Out Group

15 December 2021

CIP MERCHANT CAPITAL LIMITED

("CIP" or the "Company") 

Investment in Time Out Group

CIP is pleased to announce its investment 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. The Company has acquired, in aggregate, 1,809,679 ordinary shares in Time Out for a total consideration of approximately £1.0 million, representing approximately 0.54 per cent.% of the issued share capital of Time Out.

The Board of CIP notes Time Out's increased focus on real estate and physical location markets and believes that this aspect of its strategy will be a primary growth area for the business and enable it to benefit from the post-COVID economic recovery in due course. For this reason, whilst it is noted that Time Out operates outside of the core target investment sectors stated within the Company's investing policy, it nevertheless meets a number of the Company's other key investment criteria in line with its investing policy and in the CIP Board's view represents a strong opportunity to create shareholder value in line with its strategic objectives.

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.