Future plc, the global platform for specialist media, is pleased to announce the successful completion of the Placing announced yesterday.
A total of 8,184,906 new ordinary shares in the Company have been placed at a price of 1,275 pence per Placing Share, with existing and new institutional investors, raising gross proceeds of approximately £104.4 million.
The announcement has been made alongside a proposed Acquisition of TI Media, the UK-based, print-led consumer magazine and digital publisher. The Acquisition consideration of £140 million for TI Media will be part funded by the Placing.
Zillah Byng-Thorne, CEO of Future, commented:
“This acquisition provides an outstanding opportunity to accelerate Future’s strategy and to bolster its growth levers. TI Media’s long-established market leading brands, industry events and quality content are an exceptional fit with our business and our strategy. TI Media will substantially expand our presence in existing verticals and bring a number of new content verticals that will significantly enhance the Future portfolio.
In addition, the largely UK-focussed, print-led nature of the TI Media portfolio offers a multiplicity of opportunities to leverage our proprietary technology stack and operating model to develop new digital monetisation models and geographic expansion.
This deal marks the latest move in our strategy to deliver growth both organically and through acquisition. We are confident that the acquisition will be materially earnings enhancing in the first year, driving further growth in profitability and cash generation whilst significantly enhancing our scale and reach.”
Singer Capital Markets is acting as Joint Bookrunner alongside Numis Securities.
About Future plc
Future is a global platform for specialist media with scalable, diversified brands. They connect people to their passions through the high-quality content they create, the innovative technology they pioneer and the engaging experiences they deliver.
Ticker: FUTR
Market Cap: £1,161.3 million*
Website: Click here
*As at 31/10/2019
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