Holding(s) in Company

Time Out Group plc
15 January 2024
 

15 January 2024

Time Out Group plc

("Time Out" or the "Company") 

TR-1: Standard form for notification of major holdings

As announced on 8 January, the Company was informed by its shareholders TO Bermuda Limited and TONY Bermuda Limited, the investment holding companies of Oakley Capital Private Equity L.P.  (the "Investment Fund") that the Investment Fund reached the end of its life and has been liquidated. As a result, its shares (which total 23.82% of the issued share capital of the Company) have been redistributed to Oakley Capital Investments Limited and individuals with a beneficial interest in the Investment Fund (the "Redistribution").

The TR-1 notification below from Oakley Capital Investments Limited relates to the Redistribution.

 

NOTIFICATION OF MAJOR HOLDINGS


1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached ii:

Time Out Group PLC
LEI: 213800BWH4OF8S4R8K10

1b. Please indicate if the issuer is a non-UK issuer  (please mark with an "X" if appropriate)

Non-UK issuer


2. Reason for the notification (please mark the appropriate box or boxes with an "X")

An acquisition or disposal of voting rights

X

An acquisition or disposal of financial instruments


An event changing the breakdown of voting rights


Other (please specify) iii:


3. Details of person subject to the notification obligation iv

Name

Oakley Capital Investments Limited

City and country of registered office (if applicable)

Rosebank Centre, 11 Bermudiana Road, Pembroke, HM 08, Bermuda.

4. Full name of shareholder(s) (if different from 3.) v

Name


City and country of registered office (if applicable)


5. Date on which the threshold was crossed or reached vi:

28-12-2023

6. Date on which issuer notified (DD/MM/YYYY):

09-01-2024

7. Total positions of person(s) subject to the notification obligation


% of voting rights attached to shares (total of 8. A)

% of voting rights through financial instruments
(total of 8.B 1 + 8.B 2)

Total of both in % (8.A + 8.B)

Total number of voting rights held in issuer (8.A + 8.B) vii

Resulting situation on the date on which threshold was crossed or reached

37.98%

0

37.98%

128,542,622

Position of previous notification (if

applicable)

19.92%

0

19.92%


 

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii

A: Voting rights attached to shares

Class/type of
shares

ISIN code (if possible)

Number of voting rights ix

% of voting rights

Direct

(DTR5.1)

Indirect

 (DTR5.2.1)

Direct

(DTR5.1)

Indirect

(DTR5.2.1)

Ordinary GB00BYYV0629

128,542,622

0

37.98%

0%











SUBTOTAL 8. A

128,542,622

37.98%

 

 

B 1: Financial Instruments according to DTR5.3.1R (1) (a)

Type of financial instrument

Expiration
date
x

Exercise/
Conversion Period
xi

Number of voting rights that may be acquired if the instrument is

exercised/converted.

% of voting rights


















SUBTOTAL 8. B 1



 

 

B 2: Financial Instruments with similar economic effect according to DTR5.3.1R (1) (b)

Type of financial instrument

Expiration
date
x

Exercise/
Conversion Period
xi

Physical or cash

Settlement xii

Number of voting rights

% of voting rights





















 

SUBTOTAL 8.B.2



 

 

 

9. Information in relation to the person subject to the notification obligation (please mark the

applicable box with an "X")

Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer xiii


Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entity (please add additional rows as necessary)
xiv


Name xv

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial instruments if it equals or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

Oakley Capital Investments Limited

37.98%

0

37.98%

















 

10. In case of proxy voting, please identify:

Name of the proxy holder


The number and % of voting rights held

N/A

The date until which the voting rights will be held

N/A


11. Additional information xvi

Oakley Capital Private Equity L.P. ("Fund I"), one of the private equity funds advised by Oakley Capital Limited, has reached the end of its term and has been liquidated, whereupon Oakley Capital Manager Limited ("OCML") was appointed as liquidating trustee. Fund I's remaining investments consisted solely of a direct 19.92 per cent shareholding in Time Out Group PLC ("Time Out"). On 28 December 2023, Fund I made an in-specie transfer of these shares to all Fund I investors, which has increased Oakley Capital Investments Limited's ("OCI" or the "Company") direct shareholding (the "In-Specie Transfer").

 

An agreement (the "Agreement") has also been entered into by Fund I and the Company to, immediately prior to the In-Specie Transfer, settle Fund I's outstanding loan (the "Fund I Loan") previously extended to it by OCI and comprising approximately £8.0m of principal and £0.1m of interest outstanding, via the transfer of shares in Time Out (settlement of the Fund I loan together with the In-Specie Transfer, the "Transaction").

 

As a result of the Transaction, Shares in Time Out have been transferred to OCI, resulting in a reduction of the Company's look-through ownership in Time Out via its interest in Fund I to zero, and an increase in its direct equity ownership in Time Out from 19.92 per cent. to 37.98 per cent. For the avoidance of doubt, the outstanding interest held by Fund I in Time Out as a result of the Transaction will decrease to 0%.

 

Place of completion

London

Date of completion

09-01-2024

 

 

 

 

 

For further information, please contact:




Time Out Group plc

Tel: +44 (0)207 813 3000

Chris Ohlund, CEO                                                                        

Matt Pritchard, CFO




Steven Tredget, Investor Relations Director




Liberum (Nominated Adviser and Broker)

Tel: +44 (0)203 100 2222

Andrew Godber / Edward Thomas /            

Joshua Borlant




FTI Consulting LLP

Tel: +44 (0)203 727 1000

Edward Bridges / Fiona Walker


 

Notes to editors

About Time Out Group plc

Time Out Group is a global media and hospitality business that inspires and enables people to experience the best of the city through its two divisions - Time Out Media and Time Out Market. Time Out launched in London in 1968 to help people discover the exciting new urban cultures that had started up all over the city - today it is the only global brand dedicated to city life. Expert journalists curate and create content about the best things to Do, See and Eat across 333 cities in 59 countries and across a unique multi-platform model spanning both digital and physical channels. Time Out Market is the world's first editorially curated food and cultural market, bringing a city's best chefs, restaurateurs and unique cultural experiences together under one roof. The portfolio includes seven open Markets in cities such as Lisbon, New York and Dubai, several new locations with expected opening dates in 2024 and beyond, in addition to a pipeline of further locations in advanced discussions. Time Out Group PLC, listed on AIM, is headquartered in the United Kingdom.

 

 

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