(Clarifying headline to state loan is with Oakley Capital Investments.)

Time Out Group PLC - London-headquartered media and hospitality business - Agrees short-term unsecured loan facility up to £8.0 million with Oakley Capital Investments Ltd. Notes loan holds interest rate of 10%.

Funds drawn from the facility will be due to repaid by November 30, 2022.

‘The facility will provide near term liquidity and collateral for the development of Time Out Market Porto, whilst the company finalises longer term refinancing of its current loan facilities, which is expected to complete by the end of November 2022,’ it says. ‘The outlook for new market signings and digital advertising sales continues to improve and with positive trading momentum, the board anticipates the company being cash generative for the year to June 30, 2023.’

Current stock price: 39.00 pence, down 4.9% on Wednesday

12-month change: down 26%

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