REG - Time Out Group plc - Launch of Placing
30/10/2024 07:15
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241030:nRSd1489Ka&default-theme=true
RNS Number : 1489K Time Out Group plc 30 October 2024
THIS ANNOUNCEMENT (INCLUDING THE APPENDICES AND THE INFORMATION CONTAINED
THEREIN) IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION, DISTRIBUTION OR
FORWARDING, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED
STATES, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA OR
ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION
WOULD BE UNLAWFUL.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF
SECURITIES IN ANY JURISDICTION. PLEASE SEE THE IMPORTANT NOTICES AT THE END OF
THIS ANNOUNCEMENT.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET
ABUSE REGULATION (EU) NO. 596/2014 (AS AMENDED) AS IT FORMS PART OF THE
DOMESTIC LAW OF THE UNITED KINGDOM BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018 (AS AMENDED) ("MAR").
FOR IMMEDIATE RELEASE
30 October 2024
Time Out Group plc
("Time Out" or the "Company")
Launch of Placing
Time Out Group plc (AIM: TMO), the global media and hospitality business,
today announces it is undertaking an equity placing (the "Placing") to raise
gross proceeds (before fees and expenses) of approximately £8 million through
the issue of new ordinary shares of £0.001 each ("Ordinary Shares") (the
"Placing Shares").
The Placing Shares will be issued at a price of 50 pence per share (the "Issue
Price"). The Issue Price represents a premium of approximately 9.9 per cent.
to the Closing Price of 45.5 pence per Existing Ordinary Share on 29 October
2024 (being the latest practicable date prior to the release of this
Announcement). The Placing Shares, based on an £8 million Placing, will
represent approximately 5 per cent. of the existing ordinary share capital of
the Company (the "Existing Ordinary Shares").
The Placing is being conducted through an accelerated bookbuild process (the
"Bookbuild"), which will be launched immediately following the release of this
Announcement, in accordance with the terms and conditions set out in Appendix
2 of this Announcement. Panmure Liberum Limited ("Panmure Liberum") is acting
as Nominated Adviser and Sole Bookrunner in relation to the Placing.
Transaction Highlights
· Placing to raise approximately £8 million, before fees and
expenses, via the issue of Placing Shares at the Issue Price.
· Net proceeds of the Placing will be utilised to fund capital
investment in connection with opening two new potential markets in London and
New York, and to accelerate Media technology investments.
· The Placing is to be conducted by way of an accelerated bookbuild
process, which will commence immediately following this Announcement.
· The Placing Shares will represent approximately 5 per cent. of the
Company's existing issued share capital, based on an £8 million Placing.
· The Company's two largest Shareholders Oakley Capital Investments
Limited ("OCI") and Lombard Odier Asset Management (Europe) Limited ("Lombard
Odier") have indicated their intention to participate in the Placing.
· Certain of the Directors, including Chris Ohlund, Matt Pritchard,
Peter Dubens, Alexander Collins and David Till, intend to participate in the
Placing (the "Director Participation"), in an amount which is expected to
comprise up to approximately £0.9 million (in aggregate) through the issue of
Placing Shares.
· The final number of Placing Shares will be agreed by Panmure Liberum
and the Company at the close of the Bookbuild, and the result will be
announced as soon as practicable thereafter, confirming the final details of
the Placing.
· The timing for the close of the Bookbuild shall be at the absolute
discretion of Panmure Liberum, in consultation with the Company. The Placing
is not underwritten.
· The Placing is being conducted using the authorities to issue and
allot new shares granted to the Directors by Shareholders at the Company's
annual general meeting held on 12 December 2023 (the "2023 Annual General
Meeting"). Accordingly, the issue of the Placing Shares is not subject to the
approval of Shareholders.
Further details about the background to and reasons for the Placing are set
out below.
For further information, please contact:
Time Out Group plc Tel: +44 (0) 207 813 3000
Chris Ohlund, CEO
Matt Pritchard, CFO
Steven Tredget, Investor Relations Director
Panmure Liberum (Nominated Adviser and Bookrunner) Tel: +44 (0) 203 100 2222
Andrew Godber / Edward Thomas / Ailsa Macmaster / Joshua Borlant
Rupert Dearden
FTI Consulting LLP Tel: +44 (0) 203 727 1000
Edward Bridges
This Announcement is released by Time Out Group plc and contains inside
information for the purposes of Article 7 of MAR, and is disclosed in
accordance with the Company's obligations under Article 17 of MAR.
Market soundings (as defined in MAR) were taken in respect of the Placing with
the result that certain persons became aware of inside information (as defined
in MAR), as permitted by MAR. This inside information is set out in this
Announcement. Therefore those persons that received inside information in a
market sounding are no longer in possession of such inside information
relating to the Company and its securities.
For the purposes of MAR, this Announcement is being made on behalf of the
Company by Matt Pritchard, Chief Financial Officer.
Background to and reasons for the Placing
The Company continues to pursue its growth strategy as a globally ambitious
brand across digital (Media) and in-real life (Market) channels. Both channels
share an audience and curate the best of the city, offering trusted
recommendations online and bringing the best chefs and cultural experiences
under one roof in a Market. Synergies between the channels are increasingly
important with both contributing to increasing global brand awareness, which
in turn increases traffic to both digital and in-real life channels.
As disclosed in the Company's FY24 preliminary annual results published today,
like-for-like revenue for the 52 weeks ended 30 June 2024 increased by 7 per
cent. compared to FY23. This was supported by an increase in the Company's
global monthly brand audience reach to 150 million.
The Board believes that the Placing, supported by the Company's brand and
historical growth record, will provide the Company the flexibility to invest
in:
· two potential new owned and operated Markets in London and in New
York; and
· a doubling of investment in technology to increase audience
reach.
Use of Proceeds
It is expected that the net proceeds of the Placing will be utilised primarily
to support Market expansion via two new owned and operated Markets in top-tier
world cities as well as investing in technology developments. The Company
believes that these investments have the potential to deliver, in aggregate,
over £2 million EBITDA in FY26, with potential for further benefit in FY27 of
over £3 million and FY28 of over £4 million.
Potential London Market
In the city in which Time Out first launched over 50 years ago, the Company is
proposing to open a new Market in excess of 20,000 sq.ft. in an area with high
footfall from both locals and tourists. An initial cash outlay of £2.6
million for the rent deposit (and associated fees) secures a 15-year lease of
the site and anticipated handover is in 2026, with opening expected in 2027.
EBITDA payback is expected in three years post-opening, excluding the
opportunity of a significant potential Media revenue halo and sponsorship
opportunities.
Smaller format, second food hall in New York
Time Out intends to enter into a 10-year (with an option to extend to 20-year)
lease over an c.10,000 sq. ft existing food hall in New York. This site is
targeted to re-open as a Time Out Market in summer 2025. It will cost the
Company c.£2 million to secure the site (a combination of rent deposit, capex
and associated fees). The Company believes that the new Market has the
potential to be EBITDA-generative in FY26, with payback targeted in two years
post-opening, which excludes potential significant revenue synergies with Time
Out New York Media.
The Company has not entered into any legally binding arrangements in relation
to either site, so there can therefore be no certainty that the current
negotiations will result in subsequent openings.
Technology Acceleration
As a globally recognised brand, there is the opportunity for Time Out to
leverage AI to extend its audience reach and the Company intends to make an
investment of approximately £3.4 million in technology developments. It is
anticipated that the technology developments will accelerate innovations by
18-24 months, focusing on personalisation which requires a new Content
Management System, translation of content to grow global audience, app-enabled
consumer engagements in Markets and expand content breadth supported by AI.
These technology investments over a 12-month period are to drive both
incremental and new revenue and EBITDA streams, with a targeted payback of
less than 36 months.
Current Trading and Outlook
The Company has a clear plan to drive like-for-like growth in existing
Markets, whilst continuing to convert the strong pipeline of potential new
Market sites and large media advertising deals and trading for FY25 remains in
line with management expectations.
Having opened seven markets in 10 years, the Company expects to open seven
Markets in the period from November 2023 to November 2025 and reach a minimum
of 16 markets by 2027. When coupled with a continued pipeline of new
opportunities, this growth can rapidly improve the operational gearing of the
Company's fixed cost base, meaning the Company has the potential to continue
to grow profitability at a faster rate than sales. The Company continues to
receive approaches from commercial parties keen to work with the Time Out
brand and is increasingly confident in its global strategy.
Preliminary results for the year ended 30 June 2024
The Company today separately announced its audited preliminary results for the
year to 30 June 2024.
Details of the Placing
The Placing will be conducted by way of a non-pre-emptive share issue. The
Placing is being conducted using the authorities to issue and allot Ordinary
Shares granted to the Directors by Shareholders at the 2023 Annual General
Meeting. Accordingly, the Placing and issue of the Placing Shares are not
subject to the approval of Shareholders. The Placing Shares shall be fully
paid and shall rank pari passu in all respects with all other Ordinary Shares.
Panmure Liberum is acting as Nominated Adviser and Sole Bookrunner in
connection with the Placing. The Placing is conditional, inter alia, upon
Admission and the placing agreement between the Company and Panmure Liberum
(the "Placing Agreement") not being terminated in accordance with its terms.
Pursuant to the Placing Agreement, subject to the terms and conditions set out
therein, Panmure Liberum has agreed, as agent for and on behalf of the
Company, to use its reasonable endeavours to procure placees for the Placing
Shares, in such number, if any, to be determined following completion of the
Bookbuild and as may be agreed between the Company and Panmure Liberum and set
out in the executed term sheet (the "Term Sheet").
The Placing Shares are being offered by way of the Bookbuild, which will be
launched immediately following this Announcement in accordance with the terms
and conditions set out in Appendix 2 to this Announcement.
The Bookbuild will determine final demand for and participation in the
Placing. The timing of the closing of the Bookbuild is at the absolute
discretion of Panmure Liberum, in consultation with the Company. The
allocations will be determined by Panmure Liberum in their absolute discretion
(in consultation with the Company) and will be confirmed orally or by email to
Placees following the close of the Bookbuild. A further announcement of the
results of the Placing will be made by the Company following the completion of
the Bookbuild.
Director participations
The following Directors have indicated an intention to participate in the
Placing, following this Announcement:
Director Existing Ordinary Shares Placing Shares
Chris Ohlund - 200,000
Matt Pritchard - 60,000
Peter Dubens 8,350,485 666,666
Alexander Collins 34,055 200,000
David Till 384,553 666,666
The participations of OCI and Lombard Odier and the participations of the
Directors in the Placing are expected to constitute related party transactions
pursuant to Rule 13 of the AIM Rules for Companies. Further information will
be set out in the Result of Placing announcement.
Admission and Settlement
Application will be made to the London Stock Exchange for the Placing Shares
to be admitted to trading on AIM. It is expected that Admission will be
effective and trading in the Placing Shares will commence at 8.00 a.m. on 4
November 2024.
The Articles permit the Company to issue Ordinary Shares in uncertificated
form. CREST is a computerised paperless share transfer and settlement system
which allows shares and other securities to be held in electronic rather than
paper form. The Existing Ordinary Shares are already admitted to CREST and
therefore the Placing Shares will also be eligible for settlement in CREST.
The Placing Shares due to uncertificated holders are expected to be delivered
in CREST on 4 November 2024.
Expected Timetable for the Placing
Announcement of the Placing 30 October 2024
Announcement of the results of the Placing Intraday day 30 October 2024
Admission and commencement of dealings in the Placing Shares on AIM expected 8.00 a.m. on 4 November 2024
to commence
Expected date for CREST accounts to be credited with Placing Shares in As soon as practicable after 8.00 a.m. on 4 November 2024
uncertificated form
Expected date for dispatch of definitive share certificates in respect Placing by 19 November 2024
Shares to be issued in certificated form
Each of the times and dates in the table above is indicative only and may be
subject to change. If any of the details contained in the timetable above
should change, the revised times and dates will be notified by means of an
announcement through a Regulatory Information Service. References to times are
to London time unless stated otherwise. The timetable above assumes that the
Placing Agreement becomes unconditional in all respects with respect to
Admission and is not terminated in accordance with its terms by Panmure
Liberum.
Important Notices
The information contained within this Announcement is deemed by the Company to
constitute inside information as stipulated under Article 7 of the Market
Abuse Regulation (EU) No. 596/2014 (as amended) as it forms part of the
domestic law of the United Kingdom by virtue of the European Union
(Withdrawal) Act 2018 (as amended). Upon the publication of this Announcement
via the Regulatory Information Service, this inside information is now
considered to be in the public domain.
This Announcement contains (or may contain) certain forward-looking statements
with respect to certain of the Company's plans and its current goals and
expectations relating to its future financial condition and performance and
which involve a number of risks and uncertainties. The Company cautions
readers that no forward-looking statement is a guarantee of future performance
and that actual results could differ materially from those contained in the
forward-looking statements. These forward-looking statements can be identified
by the fact that they do not relate only to historical or current facts.
Forward-looking statements sometimes use words such as "aim", "anticipate",
"target", "expect", "estimate", "intend", "plan", "goal", "believe", or other
words of similar meaning. By their nature, forward-looking statements
involve risk and uncertainty because they relate to future events and
circumstances, including, but not limited to, economic and business
conditions, the effects of continued volatility in credit markets,
market-related risks such as changes in the price of commodities or changes in
interest rates and foreign exchange rates, the policies and actions of
governmental and regulatory authorities, changes in legislation, the further
development of standards and interpretations under International Financial
Reporting Standards ("IFRS") applicable to past, current and future periods,
evolving practices with regard to the interpretation and application of
standards under IFRS, the outcome of pending and future litigation or
regulatory investigations, the success of future explorations, acquisitions
and other strategic transactions and the impact of competition. A number of
these factors are beyond the Company's control. As a result, the Company's
actual future results may differ materially from the plans, goals, and
expectations set forth in the Company's forward-looking statements. You should
not place undue reliance on forward-looking statements. Any forward-looking
statements made in this Announcement by or on behalf of the Company speak only
as of the date they are made. Except as required by the FCA, the London Stock
Exchange or applicable law, the Company expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained in this Announcement to reflect any
changes in the Company's expectations with regard thereto or any changes in
events, conditions or circumstances on which any such statement is based.
This Announcement is for information purposes only and shall not constitute an
offer to buy, sell, issue, or subscribe for, or the solicitation of an offer
to buy, sell, issue, or subscribe for any securities, nor shall there be any
offer, solicitation or sale of securities in any jurisdiction in which such
offer, solicitation or sale would be unauthorised or unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction. Any failure to comply with these restrictions may constitute a
violation of the securities law of any such jurisdiction.
This Announcement is not an offer of securities for sale in or into the United
States. The Placing Shares have not been and will not be registered under the
US Securities Act 1933, as amended (the "Securities Act") or with any
securities regulatory authority of any state or other jurisdiction of the
United States and may not be offered, sold, delivered or transferred, directly
or indirectly, in or into the United States except pursuant to an exemption
from, or in a transaction not subject to, the registration requirements of the
Securities Act and in compliance with any applicable securities laws of any
state or other jurisdiction of the United States. The Company does not
intend to register any portion of the Placing in the United States or to
conduct a public offering of securities in the United States.
This Announcement does not contain an offer or constitute any part of an offer
to the public within the meaning of Sections 85 and 102B of the FSMA or
otherwise. This Announcement is not an "approved prospectus" within the
meaning of Section 85(7) of the FSMA and a copy of it has not been, and will
not be, delivered to the FCA in accordance with the Prospectus Rules or
delivered to any other authority which could be a competent authority for the
purpose of the Prospectus Regulation (EU) 2017/1129 (the "EU Prospectus
Regulation") or Prospectus Regulation (EU) 2017/1129 as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended
(the "UK Prospectus Regulation"). Its contents have not been examined or
approved by the London Stock Exchange, nor has it been approved by an
"authorised person" for the purposes of Section 21 of the FSMA. This
Announcement is being distributed to persons in the United Kingdom only in
circumstances in which section 21(1) of the FSMA does not apply.
This Announcement is directed only at: (a) persons in member states of the
European Economic Area who are qualified investors within the meaning of
article 2(e) of the EU Prospectus Regulation and (b) if in the United Kingdom,
persons who (i) have professional experience in matters relating to
investments who fall within the definition of "investment professionals" in
article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005, as amended (the "Order"), or are high net worth
companies, unincorporated associations or partnerships or trustees of high
value trusts as described in article 49(2) of the Order and (ii) are qualified
investors as defined in article 2(e) of the UK Prospectus Regulation and (c)
otherwise, to persons to whom it may otherwise be lawful to communicate it
(all such persons together being referenced to as "Relevant Persons"). Any
investment in connection with the Placing will only be available to, and will
only be engaged with, Relevant Persons. Any person who is not a Relevant
Person should not act or rely on this Announcement or any of its contents.
This Announcement has been issued by and is the sole responsibility of the
Company. No representation or warranty, express or implied, is or will be
made as to, or in relation to, and no responsibility or liability is or will
be accepted by Panmure Liberum (apart from the responsibilities or liabilities
that may be imposed by the FSMA or other regulatory regime established
thereunder) or by any of its affiliates or agents as to, or in relation to,
the accuracy or completeness of this Announcement or any other written or oral
information made available to or publicly available to any interested party or
its advisers, and any liability therefor is expressly disclaimed.
Panmure Liberum, which is authorised and regulated in the United Kingdom by
the FCA, is acting as nominated adviser and sole bookrunner for the Company
and for no-one else in connection with the Placing, and Panmure Liberum will
not be responsible to anyone other than the Company for providing the
protections afforded to its customers or for providing advice to any other
person in relation to the Placing or any other matter referred to herein.
The distribution of this Announcement and the offering of the Placing Shares
in certain jurisdictions may be restricted by law. No action has been taken by
the Company or Panmure Liberum that would permit an offering of such shares or
possession or distribution of this Announcement or any other offering or
publicity material relating to such shares in any jurisdiction where action
for that purpose is required. Persons into whose possession this Announcement
comes are required to inform themselves about, and to observe, such
restrictions.
The Announcement does not constitute a recommendation concerning any
investor's options with respect to the Placing. The Placing Shares to which
this Announcement relates may be illiquid and/or subject to restrictions on
their resale. Prospective purchasers of the Placing Shares should conduct
their own due diligence, analysis and evaluation of the business and date
described in this Announcement, including the Placing Shares. The pricing and
value of securities can go down as well as up. Past performance is not a guide
to future performance. The contents of this Announcement are not to be
construed as financial, legal, business or tax advice. If you do not
understand the contents of this Announcement you should consult an authorised
financial adviser, legal adviser, business adviser or tax adviser for
financial, legal, business or tax advice.
The information in this Announcement may not be forwarded or distributed to
any other person and may not be reproduced in any manner whatsoever. Any
forwarding, distribution, dissemination, reproduction, or disclosure of this
information in whole or in part is unauthorised. Failure to comply with this
directive may result in a violation of the Securities Act or the applicable
laws of other jurisdictions.
Neither the content of the Company's website nor any website accessible by
hyperlinks on the Company's website is incorporated in, or forms part of, this
Announcement.
Information to Distributors
Solely for the purposes of the product governance requirements contained
within: (a) the UK's implementation of EU Directive 2014/65/EU on markets in
financial instruments, as amended ("UK MiFID II"); and (b) the UK's
implementation of Articles 9 and 10 of Commission Delegated Directive (EU)
2017/593 supplementing UK MiFID II, and in particular Chapter 3 of the Product
Intervention and Product Governance Sourcebook of the FCA (together, the
"MiFID II Product Governance Requirements"), and disclaiming all and any
liability, whether arising in tort, contract or otherwise, which any
"manufacturer" (for the purposes of the MiFID II Product Governance
Requirements) may otherwise have with respect thereto, the Placing Shares have
been subject to a product approval process, which has determined that such
Placing Shares are: (i) compatible with an end target market of retail
investors and investors who meet the criteria of professional clients and
eligible counterparties, each as defined in UK MiFID II; and (ii) eligible for
distribution through all distribution channels as are permitted by UK MiFID II
(the "Target Market Assessment"). Notwithstanding the Target Market
Assessment, distributors (such term to have the same meaning as in the MiFID
II Product Governance Requirements) should note that: the price of the Placing
Shares may decline and investors could lose all or part of their investment;
the Placing Shares offer no guaranteed income and no capital protection; and
an investment in the Placing Shares is compatible only with investors who do
not need a guaranteed income or capital protection, who (either alone or in
conjunction with an appropriate financial or other adviser) are capable of
evaluating the merits and risks of such an investment and who have sufficient
resources to be able to bear any losses that may result therefrom. The Target
Market Assessment is without prejudice to the requirements of any contractual,
legal or regulatory selling restrictions in relation to the Placing.
Furthermore, it is noted that, notwithstanding the Target Market Assessment,
Panmure Liberum will only procure investors (pursuant to the Placing) who meet
the criteria of professional clients and eligible counterparties. For the
avoidance of doubt, the Target Market Assessment does not constitute: (a) an
assessment of suitability or appropriateness for the purposes of UK MiFID II;
or (b) a recommendation to any investor or group of investors to invest in, or
purchase, or take any other action whatsoever with respect to the Placing
Shares. Each distributor is responsible for undertaking its own target market
assessment in respect of the Placing Shares and determining appropriate
distribution channels.
Panmure Liberum may, in accordance with applicable laws and regulations,
engage in transactions in relation to the Placing Shares and/or related
instruments for its own account and, except as required by applicable laws or
regulations, does not propose to make any public disclosure in relation to
such transactions.
Appendix 1
Definitions
"2023 Annual General Meeting" the Company's annual general meeting held on 12 December 2023
"Act" the Companies Act 2006 (as amended)
"Admission" the admission of the Placing Shares to trading on AIM becoming effective in
accordance with the AIM Rules
"AIM" AIM, a market operated by the London Stock Exchange
"AIM Rules" the AIM Rules for Companies published by the London Stock Exchange from time
to time
"Announcement" this announcement, including its appendices
"Board" or "Directors" the directors of the Company as at the date of this Announcement
"certificated" or "in certificated form" a share or other security not held in uncertificated form (i.e. not in CREST)
"Closing Price" the closing middle market quotation of the Existing Ordinary Shares, as
derived from the AIM Appendix to the Daily Official List of the London Stock
Exchange
"Company" or "Time Out" Time Out Group plc, a company incorporated in England & Wales and with
registered number 07440171
"CREST" a relevant system (as defined in the CREST Regulations) in respect of which
Euroclear is the Operator (as defined in the CREST Regulations)
"CREST Manual" the rules governing the operation of CREST, consisting of the CREST Reference
Manual, CREST International Manual, CREST Central Counterparty Service Manual,
CREST Rules, CCSS Operations Manual and CREST Glossary of Terms (all as
defined in the CREST Glossary of Terms promulgated by Euroclear on 15 July
1996 and as amended since)
"CREST Payment" shall have the meaning given in the CREST Manual
"CREST Regulations" the Uncertificated Securities Regulations 2001 (SI 2001/3755), including any
enactment or subordinate legislation which amends or supersedes those
regulations and any applicable rules made under those regulations or any such
enactment or subordinate legislation for the time being in force
"Daily Official List" the daily publication of official quotations for all securities traded on the
London Stock Exchange
"EU" European Union
"EU Prospectus Regulation" EU Prospectus Regulation 2017/1129
"Euroclear" Euroclear UK & International Limited
"Existing Ordinary Shares" the 340,330,089 existing Ordinary Shares in issue as at 29 October 2024 (being
the latest practicable date prior to release of this Announcement)
"FCA" the Financial Conduct Authority when exercising functions under Part VI of
FSMA
"FSMA" the Financial Services and Markets Act 2000 (as amended)
"Group" the Company and its subsidiary undertakings
"Issue Price" the price at which the Placing Shares are to be issued and allotted pursuant
to the Placing, being 50 pence per Placing Share
"Lombard Odier" Lombard Odier Asset Management (Europe) Limited
"London Stock Exchange" London Stock Exchange plc
"OCI" Oakley Capital Investments Limited
"Ordinary Shares" the ordinary shares of £0.001 each in the share capital of the Company
"Panmure Liberum" Panmure Liberum Limited, the Company's nominated adviser and bookrunner in
connection with the Placing
"Placees" placees who have agreed to subscribe for Placing Shares pursuant to the
Placing
"Placing" the placing by Panmure Liberum on behalf of the Company of the Placing Shares
with the Placees at the Issue Price
"Placing Agreement" the conditional agreement dated 30 October 2024 entered into between the
Company and Panmure Liberum in respect of the Placing
"Placing Shares" new Ordinary Shares to be issued by the Company to the Placees pursuant to the
Placing
"Regulation S" Regulation S under the US Securities Act
"Regulatory Information Service" has the meaning given in the AIM Rules
"Shareholders" the holders of Existing Ordinary Shares and "Shareholder" shall mean any one
of them
"Time Out Markets" or "Markets" the markets division of the Group
"Time Out Media" or "Media" the media division of the Group
"UK Prospectus Regulation" the UK version of EU Prospectus Regulation 2017/1129 which forms part of the
law of England and Wales as retained EU law as defined in, and by virtue of,
the European Union (Withdrawal) Act 2018, as amended
"uncertificated" or "in uncertificated form" recorded on the register of members of the Company as being held in
uncertificated form in CREST and title to which, by virtue of the CREST
Regulations, may be transferred by means of CREST
"United Kingdom" or "UK" the United Kingdom of Great Britain and Northern Ireland
"United States" or "US" the United States of America, its territories and possessions, any state of
the United States and the District of Columbia
"US Securities Act" the US Securities Act of 1933, as amended
"£" or "pounds sterling" or "sterling" UK pounds sterling, being the lawful currency of the United Kingdom
Appendix 2
Terms and Conditions of the Placing
IMPORTANT INFORMATION FOR INVITED PLACEES ONLY REGARDING THE PLACING.
THIS ANNOUNCEMENT, INCLUDING THIS APPENDIX (TOGETHER, THE "ANNOUNCEMENT") AND
THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION,
PUBLIC RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE
UNITED STATES, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, THE REPUBLIC OF SOUTH
AFRICA OR ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL. PERSONS INTO
WHOSE POSSESSION THIS ANNOUNCEMENT (INCLUDING THIS APPENDIX) COMES ARE
REQUIRED BY THE COMPANY AND PANMURE LIBERUM TO INFORM THEMSELVES ABOUT AND TO
OBSERVE ANY SUCH RESTRICTIONS.
THIS ANNOUNCEMENT DOES NOT ITSELF CONSTITUTE AN OFFER OR INVITATION TO
UNDERWRITE AN OFFER FOR SALE OR SUBSCRIPTION OF ANY SECURITIES IN THE COMPANY.
MEMBERS OF THE PUBLIC ARE NOT ELIGIBLE TO TAKE PART IN THE PLACING. THIS
ANNOUNCEMENT AND THE TERMS AND CONDITIONS SET OUT IN THIS APPENDIX ARE FOR
INFORMATION PURPOSES ONLY AND ARE DIRECTED ONLY AT PERSONS WHO ARE: (A)
PERSONS IN MEMBER STATES OF THE EUROPEAN ECONOMIC AREA ("EEA") WHO ARE
QUALIFIED INVESTORS WITHIN THE MEANING OF ARTICLE 2(E) OF REGULATION (EU)
2017/1129 (TOGETHER WITH ITS DELEGATED AND IMPLEMENTING REGULATIONS) (THE "EU
PROSPECTUS REGULATION") ("EU QUALIFIED INVESTORS"), (B) IF IN THE UNITED
KINGDOM, PERSONS WHO (I) HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO
INVESTMENTS WHO FALL WITHIN THE DEFINITION OF "INVESTMENT PROFESSIONALS" IN
ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL
PROMOTION) ORDER 2005, AS AMENDED (THE "ORDER"), OR ARE HIGH NET WORTH
COMPANIES, UNINCORPORATED ASSOCIATIONS OR PARTNERSHIPS OR TRUSTEES OF HIGH
VALUE TRUSTS AS DESCRIBED IN ARTICLE 49(2) OF THE ORDER AND (II) ARE QUALIFIED
INVESTORS WITHIN THE MEANING OF ARTICLE 2(E) OF REGULATION (EU) 2017/1129 AS
AMENDED, AS IT FORMS PART OF UK LAW AS RETAINED EU LAW AS DEFINED IN, AND BY
VIRTUE OF, THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (AS AMENDED) (THE "UK
PROSPECTUS REGULATION") ("UK QUALIFIED INVESTORS"), AND (C) TO PERSONS TO WHOM
IT MAY OTHERWISE BE LAWFUL TO COMMUNICATE (EACH A "RELEVANT PERSON"). NO OTHER
PERSON SHOULD ACT OR RELY ON THIS ANNOUNCEMENT AND PERSONS DISTRIBUTING THIS
ANNOUNCEMENT MUST SATISFY THEMSELVES THAT IT IS LAWFUL TO DO SO. BY ACCEPTING
THE TERMS OF THIS ANNOUNCEMENT YOU REPRESENT AND AGREE THAT YOU ARE A RELEVANT
PERSON. THIS APPENDIX AND THE TERMS AND CONDITIONS SET OUT HEREIN MUST NOT BE
ACTED ON OR RELIED ON BY PERSONS WHO ARE NOT RELEVANT PERSONS. ANY INVESTMENT
OR INVESTMENT ACTIVITY TO WHICH THIS ANNOUNCEMENT (INCLUDING THIS APPENDIX)
AND THE TERMS AND CONDITIONS SET OUT HEREIN RELATE IS AVAILABLE ONLY TO
RELEVANT PERSONS AND WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS. THIS
ANNOUNCEMENT (INCLUDING THIS APPENDIX) DOES NOT ITSELF CONSTITUTE AN OFFER TO
SELL OR ISSUE OR THE SOLICITATION OF AN OFFER TO BUY OR ACQUIRE ANY SECURITIES
IN THE COMPANY.
THIS ANNOUNCEMENT (AND THE INFORMATION CONTAINED HEREIN) DOES NOT CONSTITUTE
AND MAY NOT BE CONSTRUED AS AN OFFER OF SECURITIES FOR SALE IN THE UNITED
STATES, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA OR
IN ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.
THE PLACING SHARES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE US
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR UNDER THE
APPLICABLE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION OF THE UNITED
STATES, AND MAY NOT BE OFFERED, SOLD, ACQUIRED, RESOLD, TRANSFERRED OR
DELIVERED, DIRECTLY OR INDIRECTLY WITHIN, INTO OR IN THE UNITED STATES, EXCEPT
PURSUANT TO AN APPLICABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN COMPLIANCE WITH THE
SECURITIES LAWS OF ANY RELEVANT STATE OR OTHER JURISDICTION OF THE UNITED
STATES. THERE WILL BE NO PUBLIC OFFER OF THE PLACING SHARES IN THE UNITED
STATES, THE UNITED KINGDOM OR ELSEWHERE.
EACH PLACEE SHOULD CONSULT WITH ITS OWN ADVISERS AS TO LEGAL, TAX, BUSINESS
AND RELATED ASPECTS OF A SUBSCRIPTION FOR THE PLACING SHARES.
Persons (including individuals, funds or otherwise) who are invited to and who
have chosen to participate in the Placing (and any person acting on such
person's behalf), by making an oral or written offer to subscribe for Placing
Shares will be deemed to have read and understood this Announcement, including
this Appendix, in its entirety and to be making such offer on the terms and
conditions, and to be providing the representations, warranties,
acknowledgements, and undertakings contained in this Appendix.
In this Appendix, unless the context otherwise requires, "Placee" means a
Relevant Person (including individuals, funds or others) by whom or on whose
behalf a commitment to subscribe for Placing Shares has been given. In
particular, each such Placee represents, warrants and acknowledges that:
1. it is a Relevant Person (as defined above) and undertakes
that it will acquire, hold, manage or dispose of any Placing Shares that are
allocated to it for the purposes of its business;
2. in the case of any Placing Shares acquired by it within the
United Kingdom as a financial intermediary, as that term is used in Article
5(1) of the UK Prospectus Regulation, (i) the Placing Shares acquired by it in
the Placing have not been acquired on behalf of, nor have they been acquired
with a view to their offer or resale to, persons in the United Kingdom or to
which the UK Prospectus Regulation otherwise applies other than UK Qualified
Investors or in circumstances in which the prior consent of Panmure Liberum
has been given to the offer or resale; or (ii) where Placing Shares have been
acquired by it on behalf of persons in the United Kingdom other than UK
Qualified Investors, the offer of those Placing Shares to it is not treated
under the UK Prospectus Regulation as having been made to such persons;
3. in the case of any Placing Shares acquired by it within the
EEA as a financial intermediary, as that term is used in Article 5(1) of the
EU Prospectus Regulation, (i) the Placing Shares acquired by it in the Placing
have not been acquired on behalf of, nor have they been acquired with a view
to their offer or resale to, persons in any member state of the EEA or to
which the EU Prospectus Regulation otherwise applies other than EU Qualified
Investors or in circumstances in which the prior consent of Panmure Liberum
has been given to the offer or resale; or (ii) where Placing Shares have been
acquired by it on behalf of persons in any member state of the EEA other than
EU Qualified Investors, the offer of those Placing Shares to it is not treated
under the EU Prospectus Regulation as having been made to such persons;
4. except as otherwise permitted by Panmure Liberum, (i) it
and the person(s), if any, for whose account or benefit it is acquiring the
Placing Shares are purchasing the Placing Shares in an "offshore transaction"
as defined in Regulation S under the Securities Act; (ii) it is aware of the
restrictions on the offer and sale of the Placing Shares pursuant to
Regulation S; and (iii) the Placing Shares have not been offered to it by
means of any "directed selling efforts" as defined in Regulation S;
5. it is acquiring the Placing Shares for its own account or is
acquiring the Placing Shares for an account with respect to which it exercises
sole investment discretion and has the authority to make and does make the
representations, warranties, indemnities, acknowledgements and agreements
contained in this Announcement;
6. it understands (or, if acting for the account of another
person, such person understands) the resale and transfer restrictions set out
in this Appendix;
7. it acknowledges that the Placing Shares have not been and
will not be registered under the Securities Act or with any securities
regulatory authority of any state or other jurisdiction of the United States
and may not be offered, sold or transferred, directly or indirectly, within
the United States except pursuant to an exemption from, or in a transaction
not subject to, the registration requirements of the Securities Act and in
compliance with any applicable securities laws of any state or other
jurisdiction of the United States; and
8. the Company and Panmure Liberum will rely upon the truth
and accuracy of the foregoing representations, acknowledgements and
agreements.
The Placing Shares have not been approved or disapproved by the US Securities
and Exchange Commission, any state securities commission or other regulatory
authority in the United States, nor have any of the foregoing authorities
passed upon or endorsed the merits of the Placing or the accuracy or adequacy
of this Announcement. Any representation to the contrary is a criminal offence
in the United States.
Persons (including, without limitation, nominees and trustees) who have a
contractual or other legal obligation to forward a copy of this Appendix (or
the Announcement of which it forms part) should seek appropriate advice before
taking any action.
Details of the Placing
Panmure Liberum, acting as Placing Agent, has entered into a placing agreement
with the Company (the "Placing Agreement") under which, subject to the
conditions set out therein, Panmure Liberum has agreed to use its reasonable
endeavours to procure subscribers for the Placing Shares at the Issue Price.
The Placing is conditional upon the Placing Agreement becoming unconditional
in all respects.
The Placing Shares will, when issued, rank pari passu in all respects with the
existing issued Ordinary Shares, including the right to receive dividends and
other distributions declared, made or paid following Admission (as defined
below).
Application for admission to trading
Application will be made to London Stock Exchange plc ("LSE") for admission of
the Placing Shares ("Admission") to trading on AIM, a market of that name
operated by LSE ("AIM") in accordance with the AIM Rules for Companies. It is
expected that Admission will become effective and that dealings in the Placing
Shares will commence on AIM at 8.00 a.m. on 4 November 2024, and in any event
no later than 5.00 p.m. on 18 November 2024.
Bookbuild
Panmure Liberum will today commence the bookbuilding process in respect of the
Placing (the "Bookbuild") to determine demand for participation in the Placing
by Placees. This Appendix gives details of the terms and conditions of, and
the mechanics of participation in, the Placing. No commissions will be paid to
Placees or by Placees in respect of any Placing Shares.
Panmure Liberum and the Company shall be entitled to effect the Placing by
such alternative method to the Bookbuild as they may, in their sole
discretion, determine.
Participation in, and principal terms of, the Placing
Panmure Liberum is arranging the Placing as agent for and on behalf of the
Company. Participation in the Placing will only be available to Placees who
may lawfully be, and are, invited to participate by Panmure Liberum. Panmure
Liberum's agents and their respective affiliates are each entitled to enter
bids in the Bookbuild as principal.
The number of Placing Shares to be issued will be agreed between Panmure
Liberum and the Company following completion of the Bookbuild. The number of
Placing Shares will be announced on a Regulatory Information Service following
the completion of the Bookbuild.
To bid in the Bookbuild, Placees should communicate their bid by telephone or
in writing to their usual sales contact at Panmure Liberum. Each bid should
state the number of Placing Shares which the prospective Placee wishes to
acquire at the Issue Price established by the Company and Panmure Liberum.
Bids may be scaled down by Panmure Liberum on the basis referred to below.
The Bookbuild is expected to close no later than 6.00 p.m. on 30 October 2024,
but may be closed earlier or later at the absolute discretion of Panmure
Liberum. Panmure Liberum may, in agreement with the Company, accept bids that
are received after the Bookbuild has closed. The Company reserves the right
(upon the agreement of Panmure Liberum) to reduce or seek to increase the
amount to be raised pursuant to the Placing.
Panmure Liberum will determine in its absolute discretion (in consultation
with the Company) the extent of each Placee's participation in the Placing,
which will not necessarily be the same for each Placee and this will be
confirmed orally or in writing by Panmure Liberum or one of its subsidiary
undertakings (each a member of the "Panmure Liberum Group") as agent of the
Company ("Confirmation"). No element of the Placing will be underwritten. The
Confirmation will constitute an irrevocable legally binding commitment upon
that person (who will at that point become a Placee) to subscribe for the
number of Placing Shares allocated to it at the Issue Price on the terms and
conditions set out in this Appendix (a copy of the terms and conditions having
been provided to the Placee prior to or at the same time as such oral or
written confirmation) and in accordance with the Company's articles of
association. Each prospective Placee's allocation and commitment will be
evidenced by a contract note or an electronic trade confirmation issued to
such Placee by the Panmure Liberum Group. The terms of this Appendix will be
deemed incorporated by reference therein. For the avoidance of doubt, the
Confirmation constitutes each Placee's irrevocable legally binding agreement,
subject to the Placing Agreement not having been terminated, to pay the
aggregate settlement amount for the Placing Shares to be subscribed for by
that Placee regardless of the total number of Placing Shares (if any)
subscribed for by any other investor(s) and, except with the consent of
Panmure Liberum, the Confirmation will not be capable of variation or
revocation after the time at which it is submitted.
Panmure Liberum reserves the right to scale back the number of Placing Shares
to be subscribed by any Placee in the event of an oversubscription under the
Placing. Panmure Liberum also reserves the right not to accept offers for
Placing Shares or to accept such offers in part rather than in whole.
Each Placee will be required to pay to the Panmure Liberum Group, on the
Company's behalf, the Issue Price for each Placing Share agreed to be acquired
by it under the Placing in accordance with the terms set out herein. Each
Placee's obligation to acquire and pay for Placing Shares under the Placing
will be owed to the Panmure Liberum Group and the Company. Each Placee has an
immediate, separate, irrevocable and binding obligation, owed to the Panmure
Liberum Group, to pay to it (or as it may direct) in cleared funds an amount
equal to the product of the Issue Price and the number of Placing Shares such
Placee has agreed to subscribe for. Each Placee will be deemed to have read
and understood this Appendix in its entirety, to be participating in the
Placing upon the terms and conditions contained in this Appendix, and to be
providing the representations, warranties, agreements, acknowledgements and
undertakings, in each case as contained in this Appendix. To the fullest
extent permitted by law and applicable FCA rules (the "FCA Rules"), neither
(i) Panmure Liberum, (ii) any of its respective directors, officers, employees
or consultants, or (iii) to the extent not contained within (i) or (ii), any
person connected with Panmure Liberum as defined in the FCA Rules ((i), (ii)
and (iii) being together "affiliates" and individually an "affiliate"), shall
have any liability to Placees or to any person other than the Company in
respect of the Placing.
Irrespective of the time at which a Placee's participation in the Placing is
confirmed, settlement for all Placing Shares to be acquired pursuant to the
Placing will be required to be made at the same time, on the basis explained
below under 'Registration and settlement'.
Completion of the Placing will be subject to the fulfilment of the conditions
referred to below under 'Conditions of the Placing' and to the Placing not
being terminated on the basis referred to below under 'Termination of the
Placing Agreement'. In the event that the Placing Agreement is not entered
into or does not otherwise become unconditional in any respect or, after
having been entered into, is terminated prior to Admission, the Placing will
not proceed and all funds delivered by the Placee to a member of the Panmure
Liberum Group in respect of the Placee's participation will be returned to the
Placee at the Placee's risk without interest.
By participating in the Placing, each Placee agrees that its rights and
obligations in respect of the Placing will terminate only in the circumstances
described below and will not otherwise be capable of rescission or termination
by the Placee.
By participating in the Placing, each Placee is deemed to have read and
understood this Announcement, including this Appendix, in its entirety and to
be making such offer on the terms and conditions, and to be providing the
representations, warranties, acknowledgements, and undertakings contained in
this Appendix.
To the fullest extent permissible by law, neither the Company, nor Panmure
Liberum nor any of their respective affiliates shall have any liability to
Placees (or to any other person whether acting on behalf of a Placee or
otherwise). In particular, neither Panmure Liberum nor any of its affiliates
shall have any liability (including, to the extent permissible by law, any
fiduciary duties) in respect of Panmure Liberum's conduct of the Bookbuild or
of such alternative method of effecting the Placing as Panmure Liberum and the
Company may agree.
Conditions of the Placing
The obligations of Panmure Liberum under the Placing Agreement in respect of
the Placing Shares are conditional on, amongst other things:
(a) the Company having complied with all of its material
obligations under the Placing Agreement (to the extent that such obligations
fall to be performed prior to Admission); and
(b) Admission having occurred not later than 8.00 a.m. on 4
November 2024 or such later date as the Company and Panmure Liberum may agree,
but in any event not later than 5.00 p.m. on 18 November 2024.
If (i) any of the conditions contained in the Placing Agreement in relation to
the Placing Shares are not fulfilled or waived by Panmure Liberum by the
respective time or date where specified, (ii) any of such conditions become
incapable of being fulfilled or (iii) the Placing Agreement is terminated in
the circumstances specified below, the Placing will not proceed and the
Placee's rights and obligations hereunder in relation to the Placing Shares
shall cease and terminate at such time and each Placee agrees that no claim
can be made by the Placee in respect thereof.
Panmure Liberum, at its discretion and upon such terms as it thinks fit, may
waive (where capable of waiver) compliance by the Company with the whole or
any part of any of the Company's obligations in relation to the conditions in
the Placing Agreement. Any such extension or waiver will not affect Placees'
commitments as set out in this Announcement (including this Appendix).
None of Panmure Liberum, the Company or any other person shall have any
liability to any Placee (or to any other person whether acting on behalf of a
Placee or otherwise) in respect of any decision they may make as to whether or
not to waive or to extend the time and/or the date for the satisfaction of any
condition to the Placing nor for any decision they may make as to the
satisfaction of any condition or in respect of the Placing generally, and by
participating in the Placing each Placee agrees that any such decision is
within the absolute discretion of Panmure Liberum.
Termination of the Placing Agreement
Panmure Liberum is entitled at any time before Admission, to terminate the
Placing Agreement in relation to its obligations in respect of the Placing
Shares by giving notice to the Company if, amongst other things:
(a) the Company is in material breach of any of its obligations
under the Placing Agreement; or
(b) any statement in this Announcement or any other document or
announcement issued or published by or on behalf of the Company in connection
with the Placing has become or been discovered to be untrue or inaccurate in
any material respect or misleading; or
(c) any warranty given by the Company in the Placing Agreement
is, or would be if repeated at any time up to Admission (by reference to the
facts and circumstances then existing), untrue or inaccurate in any material
respect or misleading; or
(d) matters have arisen or have been discovered which would, if
this Announcement, or any other document or announcement issued or published
by or on behalf of the Company in connection with the Placing, were to be
issued at that time, constitute a material inaccuracy or omission therefrom;
or
(e) there shall have occurred, happened or come into effect (i) any
outbreak or escalation of hostilities, any attack or act of terrorism, any
declaration of a national emergency or war and any other calamity or crisis of
national or international effect; or (ii) any suspension or limitation of
trading generally on the New York Stock Exchange, the NASDAQ National Market
or the LSE, or minimum or maximum prices for trading have been fixed, or
maximum ranges for prices of securities have been required, by any of said
exchanges or by such system or by order of any governmental authority, or a
material disruption has occurred in commercial banking or securities
settlement or clearance services in the United States or in Europe (including
the United Kingdom); or (iii) any material adverse change in national or
international financial, monetary, economic, political or market conditions,
which, in each case, in the opinion of Panmure Liberum acting in good faith
makes it impractical or inadvisable to proceed with the Placing.
Upon such termination, the parties to the Placing Agreement shall be released
and discharged (except for any liability arising before or in relation to such
termination) from their respective obligations under or pursuant to the
Placing Agreement, subject to certain exceptions.
By participating in the Placing, Placees agree that the exercise by Panmure
Liberum of any right of termination or other discretion under the Placing
Agreement shall be within the absolute discretion of Panmure Liberum and that
they need not make any reference to Placees and that they shall have no
liability to Placees whatsoever in connection with any such exercise or
failure so to exercise.
No prospectus
No offering document, prospectus or admission document has been or will be
submitted to be approved by the FCA or submitted to the LSE in relation to the
Placing and Placees' commitments will be made solely on the basis of their own
assessment of the Company, the Placing Shares and the Placing based on the
Company's publicly available information taken together with the information
contained in this Announcement (including this Appendix) released by the
Company today and any information publicly announced to a Regulatory
Information Service by or on behalf of the Company on or prior to the date of
this Announcement, and subject to the further terms set forth in the contract
note to be provided to individual prospective Placees.
Each Placee, by accepting a participation in the Placing, agrees that the
content of this Announcement (including this Appendix) is exclusively the
responsibility of the Company and confirms that it has neither received nor
relied on any other information, representation, warranty, or statement made
by or on behalf of the Company, Panmure Liberum or any other person and none
of Panmure Liberum nor the Company nor any other person will be liable for any
Placee's decision to participate in the Placing based on any other
information, representation, warranty or statement which the Placees may have
obtained or received. Each Placee acknowledges and agrees that it has relied
on its own investigation of the business, financial or other position of the
Company in accepting a participation in the Placing. No Placee should consider
any information in this Announcement (including this Appendix) to be legal,
tax or business advice. Each Placee should consult its own legal adviser, tax
adviser and/or business adviser for legal, tax and business advice regarding
an investment in the Placing Shares. Nothing in this paragraph shall exclude
the liability of any person for fraudulent misrepresentation.
Registration and settlement
Settlement of transactions in the Placing Shares following Admission will take
place within the system administered by CREST, subject to certain exceptions.
The Company reserves the right to require settlement for and delivery of the
Placing Shares (or a portion thereof) to Placees by such other means that it
deems necessary, including in certificated form if, in the reasonable opinion
of the Panmure Liberum Group, delivery or settlement is not possible or
practicable within the CREST system or would not be consistent with the
regulatory requirements in the Placee's jurisdiction.
Participation in the Placing is only available to persons who are invited to
participate in it by Panmure Liberum.
A Placee's commitment to acquire a fixed number of Placing Shares under the
Placing will be agreed orally or in writing with the Panmure Liberum Group.
Such agreement will constitute a legally binding commitment on such Placee's
part to acquire that number of Placing Shares at the Issue Price on the terms
and conditions set out or referred to in this Appendix and subject to the
Company's articles of association.
Following the close of the Bookbuild, each Placee allocated Placing Shares in
the Placing will be sent a contract note or electronic trade confirmation in
accordance with the standing arrangements in place with the Panmure Liberum
Group, stating the number of Placing Shares allocated to it at the Issue
Price, the aggregate amount owed by such Placee to Panmure Liberum and
settlement instructions.
Each Placee agrees that it will do all things necessary to ensure that
delivery and payment is completed in accordance with the standing CREST or
certificated settlement instructions that it has in place with the Panmure
Liberum Group. For the avoidance of doubt, Placing allocations will be booked
with a trade date of 31 October 2024 and settlement date of 4 November 2024.
Settlement will take place on a delivery versus payment basis.
Interest is chargeable daily on payments not received from Placees on the due
date in accordance with the arrangements set out above at the rate of two
percentage points above SONIA as determined by Panmure Liberum.
Each Placee is deemed to agree that, if it does not comply with these
obligations, the Company may sell any or all of the Placing Shares allocated
to that Placee on such Placee's behalf and retain from the proceeds, for the
Company's account and benefit, an amount equal to the aggregate amount owed by
the Placee plus any interest due. The relevant Placee will, however, remain
liable for any shortfall below the aggregate amount owed by it and may be
required to bear any stamp duty or stamp duty reserve tax (together with any
interest or penalties thereon or other similar taxes imposed in any
jurisdiction) which may arise upon the sale of such Placing Shares on such
Placee's behalf. By communicating a bid for Placing Shares, each Placee
confers on the Panmure Liberum Group all such authorities and powers necessary
to carry out any such transaction and agrees to ratify and confirm all actions
which the Panmure Liberum Group lawfully takes on such Placee's behalf.
If Placing Shares are to be delivered to a custodian or settlement agent,
Placees should ensure that the contract note or electronic trade confirmation
is copied and delivered immediately to the relevant person within that
organisation. Insofar as Placing Shares are registered in a Placee's name or
that of its nominee or in the name of any person for whom a Placee is
contracting as agent or that of a nominee for such person, such Placing Shares
should, subject as provided below, be so registered free from any liability to
UK stamp duty or stamp duty reserve tax. If there are any other circumstances
in which any stamp duty or stamp duty reserve tax (including any interest and
penalties relating thereto) is payable in respect of the allocation,
allotment, issue or delivery of the Placing Shares (or for the avoidance of
doubt if any stamp duty or stamp duty reserve tax is payable in connection
with any subsequent transfer of or agreement to transfer Placing Shares),
neither the Panmure Liberum Group nor the Company shall be responsible for the
payment thereof. Placees will not be entitled to receive any fee or commission
in connection with the Placing.
Representations and warranties
By submitting a bid and/or participating in the Placing, each Placee (and any
person acting on such Placee's behalf) acknowledges, undertakes, represents,
warrants and agrees (as the case may be) that:
1. it has read and understood this Announcement, including this
Appendix, in its entirety and that its participation in the Placing and its
acquisition of Placing Shares is subject to and based upon all the terms,
conditions, representations, warranties, acknowledgements, agreements and
undertakings and other information contained herein;
2. it has received this Announcement solely for its use and has
not redistributed or duplicated it and it will not redistribute or duplicate
this Announcement or any other materials concerning the Placing (including any
electronic copies thereof);
3. no offering document, prospectus or admission document has
been or will be prepared in connection with the Placing and it has not
received a prospectus, admission document or other offering document in
connection with the Bookbuild, the Placing or the Placing Shares;
4. its participation in the Placing shall also be subject to
the provisions of the Placing Agreement and the memorandum and articles of
association of the Company in force both before and immediately after
Admission;
5. (i) it has made its own assessment of the Company, the
Placing Shares and the terms of the Placing based on this Announcement
(including this Appendix) and any information publicly announced to a
Regulatory Information Service by or on behalf of the Company prior to the
date of this Announcement (the "Publicly Available Information"); (ii) the
Ordinary Shares are admitted to trading on AIM, and the Company is therefore
required to publish certain business and financial information in accordance
with the rules and practices of AIM (collectively, the "Exchange
Information"), which includes a description of the nature of the Company's
business and the Company's most recent balance sheet and profit and loss
account and that it is able to obtain or access such Exchange Information
without undue difficulty and is able to obtain access to such information or
comparable information concerning any other publicly traded company without
undue difficulty, and (iii) it has had access to such financial and other
information (including the business, financial condition, prospects,
creditworthiness, status and affairs of the Company, the Placing and the
Placing Shares, as well as the opportunity to ask questions) concerning the
Company, the Placing and the Placing Shares as it has deemed necessary in
connection with its own investment decision to acquire any of the Placing
Shares and has satisfied itself that the information is still current and
relied on that investigation for the purposes of its decision to participate
in the Placing;
6. none of Panmure Liberum, the Company or any of their
respective affiliates, agents, directors, officers, employees or any person
acting on behalf of any of them has provided, and will not provide, it with
any material regarding the Placing Shares or the Company other than the
information included in this Announcement; nor has it requested any of Panmure
Liberum, the Company, any of their respective affiliates or any person acting
on behalf of any of them to provide it with any such information;
7. the content of this Announcement (including this Appendix)
is exclusively the responsibility of the Company and that neither Panmure
Liberum, nor any person acting on its behalf has or shall have any liability
for any information, representation or statement contained in this
Announcement or any information previously published by or on behalf of the
Company and will not be liable for any Placee's decision to participate in the
Placing based on any information, representation or statement contained in
this Announcement or otherwise. Each Placee further represents, warrants and
agrees that the only information on which it is entitled to rely and on which
such Placee has relied in committing itself to subscribe for the Placing
Shares is contained in this Announcement and any Publicly Available
Information (including the Exchange Information), such information being all
that it deems necessary to make an investment decision in respect of the
Placing Shares and that it has neither received nor relied on any other
information given or representations, warranties or statements made by Panmure
Liberum or the Company or their respective affiliates and neither Panmure
Liberum nor the Company nor their respective affiliates will be liable for any
Placee's decision to accept an invitation to participate in the Placing based
on any other information, representation, warranty or statement. Each Placee
further acknowledges and agrees that it has relied on its own investigation of
the business, financial or other position of the Company in deciding to
participate in the Placing;
8. to the extent it has received any inside information (for
the purposes of the UK Market Abuse Regulation (the UK version of EU
Regulation No. 596/2014 as it forms part of UK law as retained EU law as
defined in, and by virtue of, the European Union (Withdrawal) Act 2018, as
amended ("MAR")) and section 56 of the Criminal Justice Act 1993) in relation
to the Company and its securities, it has not: (a) dealt (or attempted to
deal) in the securities of the Company; (b) encouraged, recommended or induced
another person to deal in the securities of the Company; or (c) unlawfully
disclosed inside information to any person, prior to the information being
made publicly available;
9. neither Panmure Liberum nor any person acting on its behalf
nor any of their respective affiliates has or shall have any liability for any
Publicly Available Information (including any Exchange Information), or any
representation relating to the Company, provided that nothing in this
paragraph excludes the liability of any person for fraudulent
misrepresentation made by that person;
10. it has complied with its obligations under the Criminal
Justice Act 1993, MAR and in connection with money laundering and terrorist
financing under the Proceeds of Crime Act 2002 (as amended), the Terrorism Act
2000 (as amended), the Terrorism Act 2006 and the Money Laundering Regulations
2007, the Money Laundering, Terrorist Financing and Transfer of Funds
(Information on the Payer) Regulations 2017 (the "Regulations") and any
related or similar rules, regulations or guidelines, issued, administered or
enforced by any government agency having jurisdiction in respect thereof and
the Money Laundering Sourcebook of the FCA and, if making payment on behalf of
a third party, that satisfactory evidence has been obtained and recorded by it
to verify the identity of the third party as required by the Regulations;
11. if within the United Kingdom it is a financial intermediary,
as that term is used in Article 5(1) of the UK Prospectus Regulation, the
Placing Shares subscribed for by it in the Placing will not be acquired on a
non-discretionary basis on behalf of, nor will they be acquired with a view to
their offer or resale to, persons in the United Kingdom or to which the UK
Prospectus Regulation otherwise applies other than to UK Qualified Investors,
or in circumstances in which the prior consent of Panmure Liberum has been
given to the proposed offer or resale;
12. if within the EEA it is a financial intermediary, as that
term is used in Article 5(1) of the EU Prospectus Regulation, the Placing
Shares subscribed for by it in the Placing will not be acquired on a
non-discretionary basis on behalf of, nor will they be acquired with a view to
their offer or resale to, persons in a member state of the EEA or to which the
EU Prospectus Regulation otherwise applies other than to EU Qualified
Investors, or in circumstances in which the prior consent of Panmure Liberum
has been given to the proposed offer or resale;
13. it has not offered or sold and will not offer or sell any
Placing Shares to persons in the United Kingdom, except to persons whose
ordinary activities involve them in acquiring, holding, managing or disposing
of investments (as principal or agent) for the purposes of their business or
otherwise in circumstances which have not resulted and which will not result
in an offer to the public in the United Kingdom within the meaning of section
85(1) of the FSMA;
14. it has not offered or sold and will not offer or sell any
Placing Shares to persons in the EEA prior to Admission except to persons
whose ordinary activities involve them in acquiring, holding, managing or
disposing of investments (as principal or agent) for the purposes of their
business or otherwise in circumstances which have not resulted in and which
will not result in an offer to the public in any member state of the EEA
within the meaning of the EU Prospectus Regulation (including any relevant
implementing measure in any member state);
15. it has only communicated or caused to be communicated and
will only communicate or cause to be communicated any invitation or inducement
to engage in investment activity (within the meaning of section 21 of the
FSMA) relating to the Placing Shares in circumstances in which section 21(1)
of the FSMA does not require approval of the communication by an authorised
person;
16. it has complied and will comply with all applicable
provisions of the FSMA with respect to anything done by it in relation to the
Placing Shares in, from or otherwise involving, the United Kingdom;
17. if within the United Kingdom, it is a person falling within
Article 19(5) and/or Article 49(2)(a) to (d) of the Order and is a UK
Qualified Investor or is a person to whom this Announcement may otherwise be
lawfully communicated;
18. any offer of Placing Shares may only be directed at persons
in member states of the EEA who are EU Qualified Investors and represents and
agrees that, in the EEA, it is such an EU Qualified Investor;
19. (i) it and any person acting on its behalf is entitled to
subscribe for Placing Shares under the laws of all relevant jurisdictions
which apply to it; (ii) it has all necessary capacity and has obtained all
necessary consents and authorities to enable it to commit to this
participation in the Placing (including executing and delivering all documents
necessary for such participation); (iii) it is and will remain liable to the
Company and/or Panmure Liberum for the performance of all of its obligations
in relation thereto (including, without limitation, in the case of any person
on whose behalf it is acting, all necessary consents and authorities to agree
to the terms set out or referred to in this Announcement) and will honour such
obligations, and that its subscription of the Placing Shares will be in
compliance with applicable laws and regulations in the jurisdiction of its
residence, the residence of the Company, or otherwise; (iv) it has paid any
issue, transfer or other taxes due in connection with its participation in any
territory; and (v) it has not taken any action which will or may result in the
Company, Panmure Liberum or any of their affiliates or any person acting on
their behalf being in breach of the legal and/or regulatory requirements of
any territory in connection with the Placing. Each Placee agrees that the
provisions of this paragraph 19 shall survive the resale of the Placing Shares
by or on behalf of any person for whom it is acting;
20. it is not, and any person who it is acting on behalf of is
not, and at the time the Placing Shares are subscribed will not be, a resident
of, or with an address in, the United States, Australia, Canada, Japan, New
Zealand or the Republic of South Africa and that the Placing Shares have not
been and will not be registered under the Securities Act or with any
securities regulatory authority of any state or jurisdiction of the United
States, or the relevant Australian, Canadian, Japanese, New Zealand or South
African securities legislation and therefore the Placing Shares may not be
offered, sold, transferred or delivered directly or indirectly into the United
States, Australia, Canada, Japan, New Zealand or the Republic of South Africa
or their respective territories and possessions, except subject to limited
exemptions;
21. it has complied with all relevant laws and regulations of
all relevant territories, obtained all requisite governmental or other
consents which may be required in connection with the Placing Shares, complied
with all requisite formalities and that it has not taken any action or omitted
to take any action which will or may result in Panmure Liberum, the Company or
any of their respective directors, officers, agents, employees or advisers
acting in breach of the legal or regulatory requirements of any territory in
connection with the Placing;
22. its purchase of Placing Shares does not trigger, in the
jurisdiction in which it is resident or located: (i) any obligation to prepare
or file a prospectus or similar document or any other report with respect to
such purchase; (ii) any disclosure or reporting obligation of the Company; or
(iii) any registration or other obligation on the part of the Company;
23. it (and any person acting on its behalf) will make payment
for the Placing Shares allocated to it in accordance with this Announcement on
the due time and date set out herein, failing which the relevant Placing
Shares may be placed with other subscribers or sold as Panmure Liberum may in
its discretion determine and it will remain liable for any amount by which the
net proceeds of such sale falls short of the product of the Issue Price and
the number of Placing Shares allocated to it and may be required to bear any
stamp duty or stamp duty reserve tax (together with any interest or penalties
due pursuant to the terms set out or referred to in this Announcement) which
may arise upon the sale of such Placee's Placing Shares on its behalf;
24. none of Panmure Liberum nor any of its affiliates, nor any
person acting on behalf of any of them, is making any recommendations to it,
advising it regarding the suitability of any transactions it may enter into in
connection with the Placing and that participation in the Placing is on the
basis that it is not and will not be a client of Panmure Liberum for the
purposes of the Placing and that Panmure Liberum has no duties or
responsibilities to it for providing the protections afforded to its clients
or for providing advice in relation to the Placing nor in respect of any
representations, warranties, undertakings or indemnities contained in the
Placing Agreement nor for the exercise or performance of any of its rights and
obligations thereunder including any rights to waive or vary any conditions or
exercise any termination right;
25. the person whom it specifies for registration as holder of
the Placing Shares will be (i) itself or (ii) its nominee, as the case may be.
Neither Panmure Liberum nor the Company will be responsible for any liability
to stamp duty or stamp duty reserve tax resulting from a failure to observe
this requirement. Each Placee and any person acting on behalf of such Placee
agrees to participate in the Placing and it agrees to indemnify the Company
and Panmure Liberum in respect of the same on the basis that the Placing
Shares will be allotted to the CREST stock account of Panmure Liberum who will
hold them as nominee on behalf of such Placee until settlement in accordance
with its standing settlement instructions;
26. these terms and conditions and any agreements entered into
by it pursuant to these terms and conditions and any non-contractual
obligations arising out of or in connection with such agreements shall be
governed by and construed in accordance with the laws of England and Wales and
it submits (on behalf of itself and on behalf of any person on whose behalf it
is acting) to the exclusive jurisdiction of the English courts as regards any
claim, dispute or matter arising out of any such contract, except that
enforcement proceedings in respect of the obligation to make payment for the
Placing Shares (together with any interest chargeable thereon) may be taken by
the Company or Panmure Liberum in any jurisdiction in which the relevant
Placee is incorporated or in which any of its securities have a quotation on a
recognised stock exchange;
27. Panmure Liberum and its affiliates will rely upon the truth
and accuracy of the representations, warranties and acknowledgements set forth
herein and which are irrevocable and it irrevocably authorises Panmure Liberum
to produce this Announcement, pursuant to, in connection with, or as may be
required by, any applicable law or regulation, administrative or legal
proceeding or official inquiry with respect to the matters set forth herein;
28. it agrees to indemnify on an after tax basis and hold the
Company and Panmure Liberum and their respective affiliates harmless from any
and all costs, claims, liabilities and expenses (including legal fees and
expenses) arising out of or in connection with any breach of the
representations, warranties, acknowledgements, agreements and undertakings in
this Appendix and further agrees that the provisions of this Appendix shall
survive after completion of the Placing;
29. it will acquire any Placing Shares subscribed for by it for
its account or for one or more accounts as to each of which it exercises sole
investment discretion and it has full power to make the acknowledgements,
representations and agreements herein on behalf of each such account;
30. its commitment to subscribe for Placing Shares on the terms
set out herein and in the relevant contract notes will continue
notwithstanding any amendment that may in the future be made to the terms of
the Placing and that Placees will have no right to be consulted or require
that their consent be obtained with respect to the Company's conduct of the
Placing. The foregoing representations, warranties and confirmations are given
for the benefit of the Company and Panmure Liberum. The agreement to settle a
Placee's subscription (and/or the subscription of a person for whom such
Placee is contracting as agent) free of stamp duty and stamp duty reserve tax
depends on the settlement relating only to the subscription by it and/or such
person direct from the Company for the Placing Shares in question. Such
agreement assumes, and is based on a warranty from each Placee, that neither
it, nor the person specified by it for registration as holder, of Placing
Shares is, or is acting as nominee or agent for, and that the Placing Shares
will not be allotted to, a person who is or may be liable to stamp duty or
stamp duty reserve tax under any of sections 67, 70, 93 and 96 of the Finance
Act 1986 (depositary receipts and clearance services). If there are any such
arrangements, or the settlement relates to any other dealing in the Placing
Shares, stamp duty or stamp duty reserve tax may be payable. In that event the
Placee agrees that it shall be responsible for such stamp duty or stamp duty
reserve tax, and neither the Company nor Panmure Liberum shall be responsible
for such stamp duty or stamp duty reserve tax. If this is the case, each
Placee should seek its own advice and notify Panmure Liberum accordingly;
31. no action has been or will be taken by any of the Company,
Panmure Liberum or any person acting on behalf of the Company or Panmure
Liberum that would, or is intended to, permit a public offer of the Placing
Shares in any country or jurisdiction where any such action for that purpose
is required;
32. in making any decision to subscribe for the Placing Shares,
it has knowledge and experience in financial, business and international
investment matters as is required to evaluate the merits and risks of
subscribing for the Placing Shares. It further confirms that it is experienced
in investing in securities of this nature in this sector and is aware that it
may be required to bear, and is able to bear, the economic risk of, and is
able to sustain a complete loss in connection with the Placing. It further
confirms that it relied on its own examination and due diligence of the
Company and its associates taken as a whole, and the terms of the Placing,
including the merits and risks involved;
33. it has (i) made its own assessment and satisfied itself
concerning legal, regulatory, tax, business and financial considerations in
connection herewith to the extent it deems necessary; (ii) had access to
review publicly available information concerning the Company that it considers
necessary or appropriate and sufficient in making an investment decision;
(iii) reviewed such information as it believes is necessary or appropriate in
connection with its subscription of the Placing Shares; and (iv) made its
investment decision based upon its own judgment, due diligence and analysis
and not upon any view expressed or information provided by or on behalf of
Panmure Liberum;
34. it may not rely on any investigation that Panmure Liberum or
any person acting on its behalf may or may not have conducted with respect to
the Company or the Placing and Panmure Liberum has not made any representation
to it, express or implied, with respect to the merits of the Placing, the
subscription for the Placing Shares, or as to the condition, financial or
otherwise, of the Company, or as to any other matter relating thereto, and
nothing herein shall be construed as a recommendation to it to subscribe for
the Placing Shares. It acknowledges and agrees that no information has been
prepared by Panmure Liberum or the Company for the purposes of this Placing;
35. it will not hold Panmure Liberum or any of its affiliates or
any person acting on their behalf responsible or liable for any misstatements
in or omission from any publicly available information relating to the Company
or information made available (whether in written or oral form) in
presentations or as part of roadshow discussions with investors relating to
the Company (the "Information") and that neither Panmure Liberum nor any
person acting on behalf of Panmure Liberum makes any representation or
warranty, express or implied, as to the truth, accuracy or completeness of
such Information or accepts any responsibility for any of such Information;
36. the Placee is a person located outside the United States and
is subscribing for Placing Shares only in an "offshore transaction" as defined
in and pursuant to Regulation S;
37. the Placee is not acquiring Placing Shares as a result of
any "directed selling efforts" as defined in Regulation S;
38. it is not acting on a non-discretionary basis for the account
or benefit of a person located within the United States at the time the
undertaking to subscribe for Placing Shares is given; and
39. the foregoing representations, warranties and confirmations are
given for the benefit of the Company and the Panmure Liberum Group and are
irrevocable. The Company, the Panmure Liberum Group and their respective
affiliates, agents, directors, officers and employees and others will rely
upon the truth and accuracy of the foregoing acknowledgements,
representations, warranties and agreements and it agrees that if any of the
acknowledgements, representations, warranties and agreements made in
connection with its acquiring of Placing Shares is no longer accurate, it
shall promptly notify the Company and Panmure Liberum. It irrevocably
authorises Panmure Liberum and the Company to produce this Announcement
pursuant to, in connection with, or as may be required by, any applicable law
or regulation, administrative or legal proceeding or official inquiry with
respect to the matters set out herein.
The agreement to allot and issue Placing Shares to Placees (or the persons for
whom Placees are contracting as nominee or agent) free of stamp duty and stamp
duty reserve tax relates only to their allotment and issue to Placees, or such
persons as they nominate as their agents, direct from the Company for the
Placing Shares in question. Such agreement is subject to the representations,
warranties and further terms above and assumes, and is based on the warranty
from each Placee, that the Placing Shares are not being acquired in connection
with arrangements to issue depositary receipts or to issue or transfer the
Placing Shares into a clearance service. If there are any such arrangements,
or the settlement relates to any other dealing in the Placing Shares, stamp
duty or stamp duty reserve tax or other similar taxes may be payable, for
which neither the Company nor the Panmure Liberum Group will be responsible
and each Placee shall indemnify on an after-tax basis and hold harmless the
Company, the Panmure Liberum Group and their respective affiliates, agents,
directors, officers and employees for any stamp duty or stamp duty reserve tax
paid by them in respect of any such arrangements or dealings.
In addition, Placees should note that they will be liable for any stamp duty
and all other stamp, issue, securities, transfer, registration, documentary or
other duties or taxes (including any interest, fines or penalties relating
thereto) payable outside the United Kingdom by them or any other person on the
subscription by them of any Placing Shares or the agreement by them to
subscribe for any Placing Shares. Each Placee agrees to indemnify on an
after-tax basis and hold harmless the Company, the Panmure Liberum Group and
their respective affiliates, agents, directors, officers and employees from
any and all interest, fines or penalties in relation to any such duties or
taxes to the extent that such interest, fines or penalties arise from the
unreasonable default or delay of that Placee or its agent.
Each Placee should seek its own advice as to whether any of the above tax
liabilities arise and notify Panmure Liberum accordingly.
Each Placee and any person acting on behalf of each Placee acknowledges and
agrees that Panmure Liberum or any of its affiliates may, at their absolute
discretion, agree to become a Placee in respect of some or all of the Placing
Shares.
When a Placee or person acting on behalf of the Placee is dealing with the
Panmure Liberum Group, any money held in an account with the Panmure Liberum
Group on behalf of the Placee and/or any person acting on behalf of the Placee
will not be treated as client money within the meaning of the rules and
regulations of the FCA made under the FSMA. The Placee acknowledges that the
money will not be subject to the protections conferred by the client money
rules; as a consequence, this money will not be segregated from Panmure
Liberum Group money in accordance with the client money rules and will be used
by the Panmure Liberum Group in the course of its own business; and the Placee
will rank only as a general creditor of the Panmure Liberum Group.
All times and dates in this Announcement may be subject to amendment. A member
of the Panmure Liberum Group shall notify the Placees and any person acting on
behalf of the Placees of any changes.
Past performance is not a guide to future performance and persons needing
advice should consult an independent financial adviser.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IOEDXBDGSUDDGSCRecent news on Time Out
See all newsREG - Time Out Group plc - Total Voting Rights
AnnouncementREG - Time Out Group plc - Block Admissions Six Monthly Return
AnnouncementREG - Time Out Group plc - Time Out Market Osaka Opens
AnnouncementREG - Time Out Group plc - New Time Out Market - New York, Union Square
AnnouncementREG - Time Out Group plc - Interim Results
Announcement