Arena Events Group PLC Completion of Acquisition - TGP (9176F)
October 31 2018 - 10:06AM
UK Regulatory
TIDMARE
RNS Number : 9176F
Arena Events Group PLC
31 October 2018
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 GBP3.4m, 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:
Arena Events Group plc
Greg Lawless (CEO)
Piers Wilson (CFO)
Cenkos Securities (Nomad and Broker) +44(0)203 770 3838
Max Hartley (Corporate Finance)
Julian Morse (Sales) +44(0)207 397 8900
Alma PR (Financial PR)
Josh Royston / John Coles / Helena
Bogle +44(0)208 004 4217
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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