TIDMTEG
RNS Number : 3387C
Ten Entertainment Group PLC
12 April 2017
NOT FOR PUBLICATION, RELEASE, OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES,
AUSTRALIA, CANADA, JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO
MIGHT CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF
SUCH JURISDICTION.
This announcement (the "Announcement") is an advertisement for
the purposes of the UK Prospectus Rules of the UK Financial Conduct
Authority (the "FCA") and not a prospectus. This Announcement does
not constitute and shall not be deemed to constitute, or form part
of, and should not be construed as, any offer for sale or
subscription of, or solicitation of any offer to buy or subscribe
for, or otherwise deal in, any shares in Ten Entertainment Group
plc (the "Company") or securities in any other entity, in any
jurisdiction, including in or into the United States, Australia,
Canada or Japan nor shall it, or any part of it, or the fact of its
distribution, form the basis of, or be relied on in connection
with, any contract or investment decision whatsoever, in any
jurisdiction. Securities of the Company, including any offering of
its shares, may not be offered or sold in the United States absent
registration under U.S. securities laws or unless exempt from
registration under such laws. The intended offering of securities
described in this Announcement has not been and will not be
registered under U.S. securities laws, and accordingly, any
intended offer or sale of those securities may be made only in a
transaction exempt from registration.
This Announcement does not constitute a recommendation regarding
any securities. Any investment decision must be made exclusively on
the basis of a prospectus intended to be published on 12 April 2017
by the Company (the "Prospectus") and any supplement thereto in
connection with the admission of the ordinary shares of the Company
to the premium segment of the Official List of the FCA and to
trading on London Stock Exchange plc's main market for listed
securities ("Admission").
12 April 2017
Ten Entertainment Group plc
Pricing of Initial Public Offering
Offer to raise gross proceeds of GBP26.8m at 165 pence per
Share
and
Admission to the premium listing segment of the Official List
and to trading on the main market for listed securities of the
London Stock Exchange
Ten Entertainment Group plc, the UK's second largest ten-pin
bowling operator with 40 sites, (the "Company" or "TEG") announces
the successful pricing of its initial public offering and the
placing of 16,250,000 Shares (the "Offer" and the "Offer Shares")
at a price of 165 pence per Share (the "Offer Price"), with its
entire issued share capital of 65,000,000 Shares to be admitted to
the premium listing segment of the Official List of the FCA and to
trading on the main market for listed securities of the London
Stock Exchange.
Conditional dealings are expected to commence at 8.00 am on 13
April 2017 under the ticker TEG.
Key Highlights
-- The Offer Price has been set at 165 pence per Offer Share,
which will equate to a market capitalisation of GBP107.25 million
on commencement of conditional dealings.
-- The Offer comprises 16,250,000 Shares, representing 25.0% of
the Company's issued share capital on Admission.
-- The Offer is expected to raise gross proceeds of GBP26.8
million for the Selling Shareholders.
-- Immediately following Admission:
o Harwood Shareholders will hold approximately 69.4% of the
Company's issued ordinary share capital; and
o Directors of the Company will hold approximately 5.6% of the
Company's issued ordinary share capital
-- The Selling Shareholders (including the Directors) have
committed to lock-up arrangements for 12 months with a further 6
month orderly market period.
-- Admission to the premium listing segment of the Official List
of the FCA and to trading on the London Stock Exchange's main
market for listed securities, and the commencement of unconditional
dealings, are expected to take place at 8.00 am on 19 April
2017.
-- Numis Securities Limited ("Numis") is acting as sole sponsor,
financial adviser and bookrunner.
-- Following completion of the Offer the Company expects to be
eligible for inclusion in the FTSE UK Index Series.
Full details of the Offer will be included in the Prospectus,
which is expected to be published later today and to be available
on the Company's website shortly thereafter.
Nick Basing, Non-Executive Chairman, said:
"Today represents a springboard for the Company to take
advantage of the opportunities ahead. I would like to welcome our
new shareholders who recognise our leading and differentiated
proposition and the strength of our business model."
Alan Hand, Chief Executive Officer, said:
"Our family focused offering provides great value entertainment
in great locations, delivered with exceptional customer service.
TEG's experienced management and highly cash generative operating
model together with a clearly defined growth strategy will enable
us to deliver sustainable and growing returns for shareholders. We
look forward to the future with real confidence."
For further information, please contact
Ten Entertainment Group plc via Instinctif Partners
Nick Basing, Non-Executive Chairman
Alan Hand, Chief Executive Officer
Mark Willis, Chief Financial
Officer
Graham Blackwell, Chief Commercial
Officer
Numis
Oliver Cardigan
Michael Burke
Hugo Rubinstein 020 7260 1000
Instinctif Partners
Matthew Smallwood
Guy Scarborough 020 7457 2020
Expected timetable
Time and Date
Commencement of conditional dealings 8.00 a.m. on 13 April
in Shares 2017
Admission and commencement of unconditional 8.00 a.m. on 19 April
dealings in Shares on the London Stock 2017
Exchange
CREST accounts credited with uncertificated 8.00 a.m. on 19 April
Shares 2017
Notes:
(a) The times and dates in the table above except the date of
publication of this Prospectus, are indicative only and are subject
to change.
(b) No temporary documents of title will be issued
Notes to Editors
Except where the context otherwise requires, defined terms used
in these notes to editors and this announcement have the meanings
given to such terms in the Prospectus to be published by the
Company and dated 12 April 2017. Shortly following its publication,
the Prospectus will (subject to certain access restrictions) be
available online at www.tegplc.co.uk.
GROUP OVERVIEW
The Company is a ten-pin bowling operator with 40 Sites located
throughout the UK all trading under the 'Tenpin' brand. The Group
is the second largest bowling operator in the UK market with a
total of approximately 1,000 bowling lanes across its Sites and a
variety of other entertainment products offering a broader family
entertainment offering.
The Sites are principally located on mixed use retail / leisure
parks alongside family leisure brands, including cinemas and casual
dining restaurants. In addition to the core bowling offering, they
include amusement machines, table-tennis, soft play, laser games,
pool tables and food and beverage services to provide a broader
entertainment experience to customers. Bowling is the principal
revenue stream (FY2016: 46%), followed by amusement machines and
entertainment activities (FY2016: 27%) and food and beverage
(FY2016: 9% and 18% respectively).
The Directors believe that the focus on broadening the
entertainment offering is one of the reasons why the Group has
outperformed the wider market and has increased its market share.
The Directors believe that a broader family entertainment offering
makes the Group more appealing to a wider customer base and
encourages customers to spend more time and money at the Sites.
Other key factors include site refurbishments, improved booking
processes (including simpler online booking) and pricing strategies
that deliver value for money and maximise footfall.
The Group employs approximately 1,100 people, 725 of which are
full time equivalents, across its 40 Sites and the Support Centre.
The Board and executive management has an extensive knowledge of
the UK ten-pin bowling market with a combined total of
approximately 40 years' experience in the industry as well as
experience in the wider leisure sector.
The Directors believe that there are six key factors which set
the Group apart from the wider ten-pin bowling market and its key
competitors:
-- Operating formula: Family focused customer proposition
underpinned by a broader family entertainment offering;
-- Enhanced technology: Fully integrated technology platform,
pricing strategy and yield management;
-- Estate management: A clear focus on return on investment for
site refurbishments and site acquisitions;
-- Strong and consistent financial performance during the
Historical Period and a highly cash generative business model
supporting further investment and a sustainable dividend;
-- Engagement and people: Putting customers and staff at the heart of everything; and
-- An experienced leadership team: With approximately forty
years' experience in the bowling industry.
KEY STRENGTHS
The Directors believe that the Group has the following key
strengths:
1. Family focused customer proposition underpinned by a broader entertainment offering
The Group's ten-pin bowling offering is complemented by
additional entertainment activities that are family focused and
enhance and expand the customer experience, extend dwell times
(meaning time spent by a customer in a Site) and drive additional
revenue. The Company's directors believe that the focus on
broadening the entertainment offering is one of the reasons why the
Group has outperformed the wider market and has increased its
market share.
2. Technology and operating platform
The Directors believe that the Group's fully integrated
technology platform is a key point of difference to its competitors
as it facilitates the integration of newly acquired sites into the
Group structure and the Group's management reporting framework. The
platform contributes consistency of service, yield management and
the monitoring of key performance indicators.
3. Estate management
(a) Site optimisations
Significant investment has been made in the Group's estate and
refurbishment capital had been invested at 23 of the Group's 29
core sites (being those sites owned for the entirety of the
Historical Period) at an average refurbishment cost of
approximately GBP140k per existing Site have delivered an average
return on investment of 48.6%. The programme has improved the look
and feel of the estate and has brought consistency with the
improved external fascia branding. The refurbishments have
increased the focus on the presentation of ancillary offerings as
well as initiatives targeted at yield optimisation and increasing
spend per head. Alongside investment in technology, other
initiatives such as increased lane-side seating have been
rolled-out improving the customer experience and lane
utilisation.
(b) Site acquisitions and integration
The Group has acquired 11 Sites since 31 October 2014 at a total
cost of approximately GBP17.5 million. The average site EBITDA
multiple paid for the acquisition of new Sites is approximately
five times and the average refurbishment costs for acquired Sites
has been GBP263,000. The Group has achieved an average return on
investment(1) of 27% on these acquisitions and its newly acquired
Sites typically achieve run rate performance (being the performance
expected of a Site following its integration into the Group) in 12
to 18 months following acquisition.
The Group has a proven track record of integrating acquisitions
into the business through its 'Tenpinisation' strategy. This
provides the tools and methods to allow the Group to undertake a
rapid re-development of acquired sites, bringing the look and feel
of the new operations, as well as the systems and technology, up to
the standards of the existing estate.
[1] 'Return on investment' defined as site EBITDA over the 12
months following acquisition divided by total acquisitions costs
(including 'Tenpinisation' capex and fees)
4. Strong financial track record delivering profit growth and sustainable cash flow
Group revenue has increased from GBP46.8 million for the
financial year ending 28 December 2014 to GBP67.3 million in FY2016
while EBITDA adjusted for exceptional items grew from GBP5.7
million to GBP17.6 million. and Operating Free Cash Flow grew from
GBP4.2 million to GBP14.0 million over the same period. FCF
Conversion for FY2016 was 79.5%.
Key financials FY2014 FY2015 FY2016**
Revenue (GBPm) 46.8 53.0 67.3
Like for Like revenue
growth 6.6% 9.8% 2.8%
Adjusted EBITDA (GBPm) 5.7 10.2 17.6
Adjusted EBITDA margin 12.2% 19.2% 26.2%
Operating Free Cash Flow
(GBPm)(1) 4.2 8.5 14.0
Operating cash conversion 73.7% 84.2% 79.5%
Operational KPIs
Average spend per head
(GBP)* 13.28 13.59 14.15
Average bowling spend
per head (GBP)* 5.97 6.13 6.42
Labour costs as a percentage
of revenue 28.7% 26.7% 23.2%
Rent as a percentage of
revenue 19.7% 18.5% 16.8%
* This relates to 29 Sites which have been open and operational
throughout the 3 financial years ended on 1 January 2017
** FY2016 numbers include a 53rd trading week, however, Like for
Like numbers have been calculated on a 52 week basis
(1) Operating Free Cash Flow is defined as EBITDA excluding
exceptional items plus change in working capital and less
maintenance capex and finance lease payments relating to Namco
amusement machines. Cash conversion calculated as Operating Free
Cash Flow expressed as a percentage of EBITDA
5. Putting customers and staff at the heart of everything
The Group recognises the importance of both its customers and
staff to its business. The Directors believe that building a
positive environment for its employees has a direct and beneficial
impact on customer service. The Group has held the Investors in
People Gold Standard since August 2014 and has applied for
accreditation for Great Place to Work(R).
CURRENT TRADING
Total sales for the first 12 weeks of FY2017 were 9.1% higher
than for the same period in the previous year. Like for Like sales
were 5.7% higher against the same period in FY2016 which also
included Easter, typically a period of strong trading for the
Group. There are a number of strategic initiatives underway which
the Directors believe will continue to drive sales growth through
FY2017 which include the run rate benefits from refurbishments and
acquisitions, the more embedded CRM system delivering better
marketing conversion, additional refurbishments of the core estate
and further site acquisitions in accordance with the Group's
strategy (two of which have already been completed and have
commenced trading under the Tenpin brand).
DIVID POLICY
The Board intends to distribute approximately 60% of its
adjusted profits after tax to shareholders through dividends. The
policy will allow the Group to retain sufficient capital to fund
on-going operating requirements and to invest in the Group's long
term growth.
Dividends are expected to be paid in an approximate one-third
(interim dividend) and two thirds (final dividend) ratio. The Board
expects the Company's first dividend as a listed business to be the
interim dividend for the year ended 31 December 2017, to be paid on
a pro-rated basis for the proportion of the financial year that the
Group is admitted to trading on the main market of the London Stock
Exchange.
BOARD OF DIRECTORS
Alan Hand - Chief Executive Officer
Alan has 29 years' experience in the leisure and restaurant
sectors which include Paramount, The Restaurant Group and My Kinda
Town. Alan has board level experience in operational roles at
Paramount and the Group and was appointed Managing Director of the
Group on September 2015 following 5 years of being the Operations
Director of the Group's bowling operations. Alan has over 7 years'
experience working directly in the bowling industry.
Mark Willis - Chief Financial Officer
Mark began his career in industry, training with the Chartered
Institute of Management Accountants. He held a variety of roles at
Lloyds-TSB, Mercedes-Benz, Tesco and Home Retail Group before
joining the Group as Chief Financial Officer in February 2017.
Prior to joining the Group, Mark was Finance Director for Argos and
during his time at Home Retail Group Mark held roles as Director of
Group Finance and Director of Investor Relations..
Graham Blackwell - Chief Commercial Officer
Graham has over 26 years' experience in the bowling industry
following his roles at Granada, Allied, Georgica and Essenden. He
was appointed to his current position as Chief Commercial Officer
of the Group in 2013 following his 9 year period as Operations
Director of the Group's bowling business. Graham is also a member
of the Executive Committee of the UK Bowling Industry
Association.
Nick Basing - Non-Executive Chairman
Nick is a highly experienced industry figure with a successful
track record of over 30 years of operational experience in the
leisure industry. Nick was responsible for the operational
turnaround and subsequent growth, both organically and via
acquisition, beginning with Paramount plc and subsequently
Paramount Holdings ('Paramount') including Chez Gerard, Bertorelli
and Caffe Uno, where he was Chief Executive Officer for over 6
years. Nick has broad experience in the consumer leisure sector.
Prior to Paramount he held a number of senior management positions
with leading companies such as Rank, First Leisure, Unilever and
Granada. During this time he gained experience of a wide range of
leading consumer brands in a multi-site context including Hard Rock
Café, Odeon, Universal Studios and Goodwood. Nick was awarded UK
Retailers' Retailer of the Year in 2006. He was appointed to the
board of Essenden as chief executive officer on 18th August 2009
and to the board of IBEL as chairman on 13 August 2015. He is also
non-executive chairman of Goals Soccer Centres plc and has also
served as a non- executive director on the board of the following
companies: Brakes Brothers Holdings Ltd, Elegant Hotels Group plc
and The All England Lawn Tennis and Croquet Club ('Wimbledon').
David Wild - Senior Independent Non-Executive Director
David was appointed to the board of Domino's Pizza as a
non-executive director in November 2013, before being appointed as
its Chief Executive Officer in 2014. David was previously the Chief
Executive Officer of Halfords Group plc and has held senior roles
within Walmart and Tesco. David was also a non-executive director
of the multi-channel consultancy Practicology Limited.
Rob McWilliam - Independent Non-Executive Director
Rob has over 25 years of finance, strategy and digital
leadership experience in some of the world's largest retail
businesses, including Asda/Wal-Mart and Amazon. Rob's executive
experience includes being UK Finance Director for ASDA/Walmart and
Amazon, and his most recent role as Vice President for the
Consumables Division at Amazon UK. Rob spent his early career at
Bass plc where he qualified as an accountant, having graduated in
Mathematics from Durham University.
Christopher Mills - Non-Executive Director
Christopher Mills is a director and the sole shareholder of
Harwood Capital Management Limited which is a designated corporate
member and the controller of Harwood. Harwood Capital Management
Group was formed in 2011 by Mr Mills on his acquisition of Harwood
from J O Hambro Capital Management Group Limited. He is also the
Chief Executive Officer and director of NASCIT (a United Kingdom
listed investment trust) and a director and investment manager of
Oryx. He has a long and successful investing track record and is a
non-executive director of a number of both public and private
companies. Prior to joining J O Hambro Capital Management Group
Limited which he co-founded in 1993, he worked from 1975 to 1993
for Samuel Montagu Limited, Montagu Investment Management Limited
and its successor company, Invesco MIM, latterly as Head of North
American Investments and Head of North American Venture
Capital.
Julie Sneddon - Independent Non-Executive Director
Julie has 20 years' experience in senior executive roles with
the Walt Disney Company, including most recently as Executive Vice
President of Disney Stores Worldwide which carried responsibility
for over 3,300 stores across North America, Europe and Japan. Julie
has led multiple strategic business development and organisational
transformation change initiatives for Disney with a focus on
retail, brand development and digital transformation.
DISCLAIMER / FORWARD-LOOKING STATEMENTS
The information contained in this announcement is for background
purposes only and does not purport to be full or complete. No
reliance may be placed for any purpose on the information contained
in this announcement or its accuracy, fairness or completeness.
THIS ANNOUNCEMENT, THE PUBLICATION IN WHICH IT IS CONTAINED AND
ANY COPY OF IT MAY ONLY BE MADE OR DISTRIBUTED TO NON-U.S. PERSONS
IN CONNECTION WITH "OFFSHORE TRANSACTIONS" AS SUCH TERMS ARE
DEFINED IN, AND IN RELIANCE ON, REGULATION S UNDER THE U.S.
SECURITIES ACT OF 1933, AS AMED (THE "U.S. SECURITIES ACT")
("REGULATION S") OR WITHIN THE UNITED STATES ONLY TO "QUALIFIED
INSTITUTIONAL BUYERS" ("QIBs") AS DEFINED IN RULE 144A UNDER THE
U.S. SECURITIES ACT ("RULE 144A"), WHO ARE ALSO, IN EACH CASE,
"QUALIFIED PURCHASERS" ("QPs"), AS DEFINED IN SECTION 2(A)(51) OF
THE INVESTMENT COMPANY ACT OF 1940, AS AMED (THE "INVESTMENT
COMPANY ACT"), OR PURSUANT TO ANOTHER EXEMPTION FROM, OR IN A
TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
U.S. SECURITIES ACT. ANY FORWARDING, DISTRIBUTION OR REPRODUCTION
OF THIS ANNOUNCEMENT, THE PUBLICATION IN WHICH IT IS CONTAINED AND
ANY COPY OF IT IN WHOLE OR IN PART IS UNAUTHORISED. FAILURE TO
COMPLY WITH THIS NOTICE MAY RESULT IN A VIOLATION OF THE U.S.
SECURITIES ACT OR THE APPLICABLE LAWS OF OTHER JURISDICTIONS. THIS
ANNOUNCEMENT DOES NOT CONTAIN OR CONSTITUTE AN OFFER TO BUY OR
SUBSCRIBE FOR, THE SECURITIES REFERRED TO HEREIN TO ANY PERSON IN
ANY JURISDICTION WHERE IT IS UNLAWFUL TO DO SO.
THIS ANNOUNCEMENT IS ONLY ADDRESSED TO AND DIRECTED (I) TO QIBS
WHO ARE ALSO, IN EACH CASE, "QUALIFIED PURCHASERS," FOR PURPOSES OF
SECTION 3(C)(7) OF THE INVESTMENT COMPANY ACT AND THE RULES
PROMULGATED THEREUNDER, IN RELIANCE ON AN EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE US SECURITIES ACT PROVIDED BY RULE
144A OR PURSUANT TO ANOTHER EXEMPTION FROM, OR IN A TRANSACTION NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, OR
(II) OUTSIDE OF THE UNITED STATES IN RELIANCE UPON REGULATION S
UNDER THE US SECURITIES ACT TO NON-US PERSONS IN OFFSHORE
TRANSACTIONS.
This announcement does not contain or constitute and shall not
be deemed to constitute, or form part of, any offer or invitation
to sell, allot or issue, or any solicitation of any offer to
purchase, subscribe for, or otherwise deal in any securities, nor
shall it (or any part of it) or the fact of its distribution form
the basis of, or be relied upon in connection with, or act as any
inducement to enter into, any contract or commitment for
securities.
This announcement also does not contain or constitute and shall
not be deemed to contain or constitute an offer of, or solicitation
of an offer to buy or subscribe for the securities referred to
herein to any person in any jurisdiction, including the United
States (including its territories and possessions, any State of the
United States and the District of Columbia), Australia, Canada, or
Japan or in any jurisdiction to whom or in which such offer,
solicitation or dealing is unlawful.
This announcement is only addressed to and directed at persons
in member states of the European Economic Area ("EEA") who are
"qualified investors" within the meaning of Article 2(1)(e) of the
Prospectus Directive (Directive 2003/71/EC), amendments thereto any
implementing measure in each relevant member of the EEA ("Qualified
Investors"). In addition, in the United Kingdom, this announcement
is being distributed only to, and is directed only at, Qualified
Investors who (i) are persons who have professional experience in
matters relating to investments falling within Article 19(5) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order
2005, as amended (the "Order"), (ii) are persons who are high net
worth entities falling within article 49(2)(a) to (d) of the Order,
or (iii) are other persons to whom it may otherwise lawfully be
communicated (as such persons together being referred to as
"Relevant Persons"). This announcement must not be acted on or
relied on (i) in the United Kingdom, by persons who are not
Relevant Persons, and (ii) in any member state of the EEA, other
than the United Kingdom, by persons who are not Qualified
Investors. Any investment or investment activity to which this
document relates is available only to (i) Relevant Persons in the
United Kingdom, and (ii) Qualified Investors in any member state of
the EEA other than the United Kingdom, and will be engaged in only
with such persons. Nothing in this announcement constitutes
investment advice and any recommendations that may be contained
therein have not been based upon a consideration of the investment
objectives, financial situation or particular needs of any specific
recipient.
This announcement contains statements that are, or may be deemed
to be, "forward-looking statements". These forward-looking
statements may be identified by the use of forward-looking
terminology, including the terms "believes", "estimates", "plans",
"projects", "anticipates", "expects", "intends", "may", "will" or
"should" or, in each case, their negative or other variations or
comparable terminology, or by discussions of strategy, plans,
objectives, goals, future events or intentions. Forward-looking
statements may and often do differ materially from actual results.
The forward-looking statements reflect the Company's current view
with respect to future events and are subject to risks relating to
future events and other risks, uncertainties and assumptions
relating to the Company's business, results of operations,
financial position, liquidity, prospects, growth and strategies.
The forward-looking statements speak only as of the date they are
made and cannot be relied upon as a guide to future
performance.
Numis has been appointed as sole sponsor, financial adviser and
bookrunner to the Company. Each of the Company and Numis and their
respective affiliates expressly disclaim any obligation or
undertaking to update, review or revise any forward-looking
statement contained in this announcement whether it is a result of
new information, future developments or otherwise.
Any purchase of securities on Admission should be made solely on
the basis of the information contained in the Prospectus. No
reliance may or should be placed by any person for any purposes
whatsoever on the information contained in this announcement or on
its completeness, accuracy or fairness. The information in this
announcement is subject to change. This announcement has not been
approved by any competent regulatory authority.
The Admission timetable, including the date of Admission, may be
influenced by a range of circumstances such as market conditions.
There is no guarantee that Admission will occur and you should not
base your financial decisions on the Company's intentions in
relation to Admission at this stage. Acquiring securities to which
this announcement relates may expose an investor to a significant
risk of losing all or part of the amount invested. Persons
considering making such an investment should consult an authorised
person specialising in advising on such investments. This
announcement does not constitute a recommendation concerning
Admission. The value of securities can decrease as well as
increase. Potential investors should consult a professional adviser
as to the suitability of the Offer for the person concerned. Past
performance cannot be relied upon as a guide to future
performance.
Numis is authorised and regulated by the FCA in the UK and is
acting exclusively for the Company and no one else in connection
with the Offer and Admission. It will not regard any other person
as a client in relation to the Offer and will not be responsible to
anyone other than the Company for providing the protections
afforded to its clients or for providing advice in relation to the
contents of this announcement, the Offer and Admission or any
transaction, arrangement, or other matter referred to herein.
Neither the Company, Numis nor any of their respective
directors, officers, employees, agents or any other persons acting
on their behalves, make or give any undertakings, representations
or warranties or other assurances, express or implied, with respect
to the completeness, accuracy, fairness or verification of the
information or opinions contained in this announcement or (or
whether any information has been omitted from the announcement). No
such persons accept any responsibility or liability whatsoever for
the contents of this announcement or for any other statement made
or purported to be made by it or on its behalf in connection with
the Company, the Offer Shares, the Offer or Admission and
accordingly disclaim, to the fullest extent permitted by applicable
law, all and any liability whether arising in tort or contract or
otherwise which they (or any of them) might otherwise have in
respect of this announcement or any such statement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
LISUUORRBKASAAR
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April 12, 2017 06:45 ET (10:45 GMT)
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