REG - CIP Merchant Capital - Further Investment in Time Out Group plc

Time OutAnnouncement

26/01/2022 12:05

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RNS Number : 7162Z  CIP Merchant Capital Ltd  26 January 2022

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.

For further information, please contact:

 

 Merchant Capital Manager Limited (Investment Manager)  +44 1481 749363

 Wikus Van Schalkwyk

 Strand Hanson Limited (Nominated Adviser and Broker)   +44 20 7409 3494

 James Bellman / Matthew Chandler / Ritchie Balmer

 

 

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).

 

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