Completion of Acquisition

RNS Number : 4660W

Brighton Pier Group PLC (The)

27 April 2016

 

27 April 2016

The Brighton Pier Group PLC

Completion of Acquisition

Readmission of the Enlarged Group to trading on AIM

The Brighton Pier Group PLC ("Brighton Pier Group", the "Company" or the "Group"), the owner of Brighton Pier and a portfolio of premium bars in the UK, is pleased to announce the admission of its Enlarged Share Capital to trading on AIM. Dealings will commence at 8.00 a.m. today under the ticker symbol AIM:PIER.

This follows the successful acquisition of The Brighton Marine Palace and Pier Company by Eclectic Bar Group Plc, the agreement of new £13 million debt financing with Barclays Bank plc, the renaming of the Company as The Brighton Pier Group PLC, and a placing of 15,454,546 New Ordinary Shares at the Placing Price of 55p to raise approximately £8.5 million (gross) for the Company, which also complete today. In addition, a further 1,853,795 Sale Shares have been sold by the Selling Shareholder, Reuben Harley, at the Placing Price pursuant to the Placing.

The Acquisition transforms the Company's business base and represents the first stage in the next phase of the Company's development, as the Group aims to create a growth company operating across a diverse portfolio of experiential leisure and entertainment assets in the UK. Brighton Pier is a profitable, cash-generative, iconic seafront visitor destination and entertainment venue attracting a broad customer base. It is estimated that the Pier attracts approximately 4.5 million visitors per annum, making it the UK's fifth most popular destination by visitor numbers. The Acquisition is expected to be immediately earnings enhancing.

Terms used in this announcement shall have the meanings given to them in the Company's admission document dated 8 April 2016 unless otherwise specified.

Enquiries:

The Brighton Pier Group PLC
Luke Johnson, Executive Chairman	Tel: [phone]
John Smith, Chief Financial Officer	Tel: [phone]
Panmure Gordon (UK) Limited (Nominated Adviser & Joint Broker)	Tel: [phone]
Corporate Finance
Andrew Godber / Atholl Tweedie / Duncan Monteith
Corporate Broking
Charles Leigh-Pemberton
Arden Partners plc (Joint Broker)	Tel: [phone]
Corporate Finance
James Felix / Benjamin Cryer
Corporate Broking
Ed Walsh / Jonathan Keeling
Maitland (Financial Communications Advisers)	Tel: [phone]
James Devas
Robbie Hynes

Website: www.brightonpiergroup.com

 

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