LONDON (Alliance News) - Everyman Media Group PLC on Monday said it has raised GBP20 million via a share issue, with the proceeds to be used to acquire four cinemas from Odeon Cinemas Ltd and ABC Cinemas Ltd.
Cinema operator Everyman said it has issued 23.5 million shares at 85 pence per share to raise the funding. Shares in the company closed at 91 pence on Friday. The shares were placed with existing shareholders and new institutional investors by Cenkos Securities.
Everyman will use the proceeds to back the acquisition of four cinemas from Odeon Cinemas Ltd and ABC Cinemas Ltd. The cinemas are located in Gerrards Cross, Esher, Muswell Hill and Barnet.
The company added that it is trading in line with expectations for 2015 and said the film release schedule for the year looks encouraging.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Everyman Media (EMAN)