TIDMOOUT
RNS Number : 3100S
Ocean Outdoor Limited
15 November 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
IN OR INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION
FOR IMMEDIATE RELEASE
15 November 2021
Ocean Outdoor Limited
Announcement of Strategic Review and Trading Update
Ocean Outdoor Limited ("Ocean" or the "Company" and together
with its subsidiaries, the "Group") today announces that the Board
has initiated a process to evaluate potential strategic and
financial alternatives to maximise shareholder value.
The Board and management believe that Ocean is undervalued and
that there is meaningful upside potential from the current share
price, which has continued to face technical trading challenges
unrelated to Ocean's strong business fundamentals and intrinsic
value. The Company, operating with a purpose driven mission, has
consistently executed clear organic and inorganic growth strategies
and acquired seven premium digital assets since 2018. As a result,
Ocean is now emerging from the pandemic in a position of strength
with net cash on its balance sheet and as a pure-play digital
asset, with a differentiated technology offering, that is well
positioned to benefit from the significant recovery in OOH
advertising that is underway.
For the benefit of our shareholders and the broader investment
community, Ocean is hereby issuing 2021 guidance for the first time
since the onset of the pandemic. While forecasting has been
challenging given the uncertain environment, the Board and
management expect full year 2021 revenues to be between GBP115m and
GBP120m (equal to 33% - 39% growth from 2020, respectively) with a
number of months in H2 2021 already exceeding 2019 levels, and with
Adjusted EBITDA anticipated to exceed GBP16m. Ocean remains very
well placed to take advantage of the post pandemic recovery
continuing into 2022 with revenues and EBITDA on track to exceed
2019 levels. The Board of Ocean plans to provide formal 2022
guidance at the appropriate time.
The Board and management team welcome input from all
shareholders throughout the strategic and financial review process.
There can be no assurance that the review process will result in
any transaction, or any assurance as to its outcome or timing.
This announcement contains inside information.
For further information please contact:
Ocean Outdoor Limited
Susann Jerry, Head of Corporate Communications 020 7292 6161
Yellow Jersey PR
Charles Goodwin, Annabel Atkins 07747 788 221
oceanoutdoor@yellowjerseypr.com
Forward Looking Statements
This announcement includes statements that are, or may be deemed
to be, "forward-looking statements". These forward-looking
statements may be identified by the use of forward-looking
terminology, including the terms "anticipates", "believes",
"could", "estimates", "expects", "intends", "may", "plans",
"projects", "should" or "will", or, in each case, their negative or
other variations or comparable terminology, "targets", "aims",
"forecasts" or by discussions of strategy, plans, objectives,
goals, future events or intentions.
These forward-looking statements include matters that are not
historical facts. They appear in a number of places in this
announcement and include, but are not limited to, statements
regarding the Board's and Management's intentions, beliefs or
current expectations concerning, among other things, the Group,
results of operations, financial condition, prospects, growth and
strategies of Ocean and the Group.
By their nature, forward-looking statements involve risk and
uncertainty because they relate to future events and circumstances.
Forward-looking statements are not guarantees of future performance
and the actual results of operations of Ocean and the Group, and
the developments of the markets and the industries in which they
operate, may differ materially from those described in, or
suggested by, the forward-looking statements contained in this
announcement. In addition, even if the results of operations of
Ocean and the Group and the developments of the markets and the
industries in which they operate are consistent with the
forward-looking statements contained in this announcement, those
results or developments may not be indicative of results or
developments in subsequent periods. A number of risks,
uncertainties and other factors could cause results and
developments to differ materially from those expressed or implied
by the forward-looking statements including, without limitation,
general economic and business conditions, industry trends,
competition, changes in law and regulation, currency fluctuations,
changes in business strategy and political and economic
uncertainty.
Forward-looking statements may, and often do, differ materially
from actual results. Any forward-looking statements in this
announcement reflect the Board's current view with respect to
future events and are subject to risks relating to future events
and other risks, uncertainties and assumptions relating to the
Group's business, results of operations, financial condition,
prospects, growth and strategies. Other than in accordance with its
legal or regulatory obligations (including under the Listing Rules,
the Disclosure Guidance and Transparency Rules, the Prospectus
Regulation Rules and the Market Abuse Regulation (EU No. 596/2014)
as it forms part of domestic law by virtue of the European Union
(Withdrawal) Act 2018), Ocean is not under any obligation and Ocean
expressly disclaims any intention or obligation (to the maximum
extent permitted by law) to update or revise any forward-looking
statements in this announcement, whether as a result of new
information, future events or otherwise. Neither Ocean nor any of
its directors, officers or advisers provides any representation,
assurance or guarantee that the occurrence of the events expressed
or implied in any forward-looking statements in this announcement
will actually occur. You are cautioned not to place any undue
reliance on these forward-looking statements, which speak only as
at the date of this announcement.
Cautionary statement
This announcement is not intended to, and does not constitute or
form part of, any offer or invitation to purchase, acquire,
subscribe for, sell, dispose of or issue, or any solicitation of
any offer to sell, dispose of, purchase, acquire or subscribe for,
any security or a solicitation of any vote or approval, in any
jurisdiction.
The release, publication or distribution of this announcement in
jurisdictions other than the United Kingdom may be restricted by
law and, therefore, any persons who are subject to the laws of any
jurisdiction other than the United Kingdom should inform themselves
about, and observe, any applicable requirements. Any failure to
comply with these requirements or restrictions may constitute a
violation of the securities laws or regulations of any such
jurisdiction. This announcement has been prepared for the purposes
of complying with English law and the UK Listing Rules and the
information disclosed may not be the same as that which would have
been disclosed if this announcement had been prepared in accordance
with the laws and regulations of any jurisdiction outside of
England.
White & Case is acting as legal adviser to Ocean in
connection with this strategic review.
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END
MSCDKQBPKBDBKDD
(END) Dow Jones Newswires
November 15, 2021 02:00 ET (07:00 GMT)
Ocean Outdoor (LSE:OOUT)
過去 株価チャート
から 12 2024 まで 1 2025
Ocean Outdoor (LSE:OOUT)
過去 株価チャート
から 1 2024 まで 1 2025
