(Alliance News) - Time Out Group PLC on Monday proposed a GBP17 million share placing at a slight premium to help fund the continued roll-out of its Time Out Market venues.
Time Out proposed to place up to 13.5 million shares at 127 pence per share each, equivalent to GBP17.1 million in total. The placing shares will represent around 10% of existing share capital.
Shares in Time Out were 1.1% higher at 127.90 pence in London on Monday, giving it a market capitalisation of around GBP172 million.
The AIM-listed publisher said it would use the funds to invest in its "next stage of development". In particular, Time Out expects to use the cash raised to continue to roll-out its food-venue business Time Out Market, as well as reduce debt levels.
By Ahren Lester; ahrenlester@alliancenews.com
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Time Out (TMO)