THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 (AS AMENDED) (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018) ("EUWA")). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
7 April 2021
ARENA EVENTS GROUP PLC
(the "Company")
Further re Placing and Potential Acquisition
Arena Events Group plc (AIM: ARE) is pleased to announce that, further to the announcement on 29 March 2021, the Company has been successful in its bid for the operating business and assets of Aztec Shaffer. As anticipated, the bid was submitted on 2 April 2021 in accordance with an auction process pursuant to Section 363 of the United States Bankruptcy Code. The total value of the bid to the secured lender (AIG) and including amounts payable to the parties that provided interim funding through the bankruptcy process is $25.6 million funded by Arena's equity contribution of $3.35 million for its 50% equity stake in NewCo and a debt financing package from the Co-Bidders totalling $18.25 million.
Completion remains subject to, inter alia, the sale hearing at the United States Bankruptcy Court for the Southern District of Texas on 12 April 2021.
A further announcement will be made in due course.
Defined terms in this announcement shall have the same meaning as those in the RNS release on 29 March 2021.
Enquires:
| Arena Events Group plc Greg Lawless (CEO) Steve Trowbridge (CFO)
Cenkos Securities (Nomad and Broker) |
Via Alma PR
+44(0)207 397 8900 |
| Max Hartley, Max Gould (Corporate Finance) Julian Morse (Sales) |
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Alma PR (Financial PR) John Coles, Josh Royston, Helena Bogle
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+44(0)203 405 0205 |
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