31 Oct 2018 15:06
31 October 2018
Arena Events Group plc
("Arena", the "Company" or the "Group")
Completion of Acquisition - TGP
Further to the announcements on 14 August 2018 and 4 September 2018 regarding the conditional Placing and Acquisitions, the Company is pleased to confirm that the second of the two Acquisitions, TGP, has now completed.
Since the TGP acquisition was announced in August the Group have renegotiated and amended the terms of the acquisition so that the transaction now includes the acquisition of the office and warehouse in which TGP operates and which will become the headquarters of the Arena Middle East division. The original transaction contemplated a sale and leaseback, but after assessing the terms of the potential lease the Board believe it is more financially advantageous and operationally flexible to own the property. The additional consideration related to the office and warehouse is £3.4m, payable in three equal amounts, with the last payment in January 2020, funded from cash and debt facilities.
As outlined in the Circular to Shareholders, immediately after Completion of the TGP acquisition, one of the TGP vendors will subscribe for 364,685 Subscription Shares at the issue price of 60p. Application for the Subscription Shares has been made and admission is expected to occur on 2 November 2018. The allocation of the Subscription Shares will take Arena's total shares in issue to 151,910,833.
Unless otherwise defined, capitalised terms within this announcement have the same meaning as those within the 'Definitions' section of the Company's announcement dated 14 August 2018 under RNS Number 8112X.
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
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Max Hartley (Corporate Finance) Julian Morse (Sales) | +44(0)207 397 8900 |
Alma PR (Financial PR) |
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Josh Royston / John Coles / Helena Bogle | +44(0)208 004 4217 |
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About Arena Events Group
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.