UPDATE: Ten Entertainment Succeeds In Raising GBP5 Million Via Placing

(Alliance News) - Ten Entertainment Group PLC on Thursday said it has raised around GBP5 million ...

Alliance News 26 March, 2020 | 11:38AM
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(Alliance News) - Ten Entertainment Group PLC on Thursday said it has raised around GBP5 million from the placing of 3.3 million shares at 155 pence per share.

Shares in Ten Entertainment were up 8.5% at 168.20 pence in London.

The placing took place via an over-subscribed accelerated bookbuild, with Peel Hunt acting as sole bookrunner.

The money raised will be used to provide the tenpin bowling operator with " additional liquidity headroom" given the current uncertainty surrounding Covid-19.

Ten Entertainment's directors subscribed for 199,900 of the placing shares, while substantial shareholder Harwood Capital LLP subscribed for 554,123 placing shares - with Harwood's subscription equating to GBP860,000.

Ten Entertainment on Wednesday said it would be raising an unspecified amount of cash amid a closure of all sites.

The firm said it has a "strong" history of profitable growth which continued until Covid-19 hit the UK, leading to all family entertainment centres being shut.

Ten Entertainment has already taken measures to save cash, such as agreeing to new rent deals with landlords and stopping all capital spending.

On Wednesday, Ten Entertainment said it would consider a mechanism for returning additional funds if not used.

By George Collard; georgecollard@alliancenews.com; updated by Anna Farley; annafarley@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Ten Entertainment Group PLC 154.38 GBX -3.51 -

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