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(Alliance News) - Time Out Group PLC on Tuesday said its open offer raised GBP2.1 million of its GBP4.0 million maximum.
The London-headquartered media and leisure business, which owns Time Out magazine, announced a placing and open offer back on May 22 tor raise up to GBP49 million.
This was to include a placing to raise gross of GBP45 million and an open offer to raise up to GBP4.0 million gross. Both the placing and open offer were priced at 35 pence per share.
Shares in Time Out were up 1.2% at 40.98p in London in on Tuesday afternoon.
In total, 6.1 million shares were taken up under the open offer, raising gross of around GBP2.1 million.
Non-Executive Chair Peter Dubens took up his entire open offer entitlement of 424,048 shares and applied for another 1.9 million shares under Time Out's excess application facility, which he will receive. Once all shares are admitted, he will have an indirect holding of 4.9 million shares or a 1.7% stake.
The placing and open offer are both conditional on shareholders support at Time Out's June 11 general meeting. If approval is granted, share shares are expected to be admitted to London's AIM market on June 12.
By Anna Farley; annafarley@alliancenews.com
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