StockMarketWire.com - Food court and publishing group Time Out launched a share issue to raise up to £49m to help it weather the Covid-19 storm.

New shares in the company were being issued at 35p each in a £45m placing and open offer up to £4m.

Time Out said the proceeds would support general working capital requirements and strengthen its balance sheet in the wake of the Covid-19 crisis.

It would also part fund continuing Time Out markets capital expenditure, to continue developing the new London Waterloo and Porto Markets.

In addition, Time Out said it had entered into an amendment and restatement of the terms of its €22.6m outstanding debt facilities from Incus Capital Advisers, conditional on completion of the equity raising.




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