31 Jul 2018 11:51
31 July 2018
Arena Events Group plc
Acquisition of Ironmonger Group Ltd
Arena Events Group plc (AIM: ARE, 'Arena' or 'the Group'), is pleased to announce that, following the Group's announcement on 11 April 2018, the acquisition of Ironmonger Group Ltd ("Ironmonger") has completed.
The Hong Kong based company provides event management services and has a contract to provide hospitality at the Hong Kong Rugby Sevens event until 2022.
The total consideration payable is £1.1m made up of £0.6m in cash on completion, £0.2m by way of an issue of 333,333 new ordinary shares at a price of 60 pence per share and £0.3m of deferred consideration to be paid in early 2019.
Application has been made for the 333,333 new Ordinary Shares to be admitted to trading on AIM. The new Ordinary Shares will rank pari-passu with existing Ordinary Shares and it is expected that Admission will occur at 8.00 a.m. on or around 3 August 2018.
Following Admission, Arena's issued ordinary share capital will comprise 118,212,814 Ordinary Shares, of which none are held in treasury. Therefore, the total number of Ordinary Shares with voting rights in Arena following Admission will be 118,212,814.
Greg Lawless, Chief Executive Officer of Arena, commented:
"In line with the Group's strategy of providing a turn-key solution to the world's most prestigious events, the acquisition of Ironmonger enables Arena to provide an integrated solution for the Hong Kong Sevens, and bring Ironmonger's event management expertise for this event under the Arena umbrella."
Enquiries:
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Arena Events Group plc Greg Lawless (CEO) Piers Wilson (CFO)
Cenkos Securities (Nomad and Broker) |
+44(0)203 770 3838
+44(0)207 397 8900 |
Max Hartley (Corporate Finance) Julian Morse (Sales) |
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Alma PR (Financial PR) |
+44(0)208 004 4217 |
Josh Royston / John Coles / Helena Bogle |
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Notes to Editors:
Arena Events Group plc (www.arenagroup.com) is a provider of temporary physical structures, seating, ice rinks, furniture and interiors. The Group has operations across Europe, the US, the Middle East and Asia, and current clients include Wimbledon Tennis, The Open, PGA European Tour and Ryder Cup.
The Group services major sporting, outdoor and leisure events, providing a managed solution from concept and design through to the construction and integration of the final structure and interior. Contracts range in size and complexity from a simple equipment rental for a local outdoor event, to an integrated solution of multiple structures and interiors for a major international sporting event.