Brighton Pier Group PLC (The) Completion of Acquisition (4660W)

TIDMPIER

RNS Number : 4660W

Brighton Pier Group PLC (The)

27 April 2016

The Brighton Pier Group PLC

Completion of Acquisition

Readmission of the Enlarged Group to trading on AIM

The Brighton Pier Group PLC ("Brighton Pier Group", the "Company" or the "Group"), the owner of Brighton Pier and a portfolio of premium bars in the UK, is pleased to announce the admission of its Enlarged Share Capital to trading on AIM. Dealings will commence at 8.00 a.m. today under the ticker symbol AIM:PIER.

This follows the successful acquisition of The Brighton Marine Palace and Pier Company by Eclectic Bar Group Plc, the agreement of new GBP13 million debt financing with Barclays Bank plc, the renaming of the Company as The Brighton Pier Group PLC, and a placing of 15,454,546 New Ordinary Shares at the Placing Price of 55p to raise approximately GBP8.5 million (gross) for the Company, which also complete today. In addition, a further 1,853,795 Sale Shares have been sold by the Selling Shareholder, Reuben Harley, at the Placing Price pursuant to the Placing.

The Acquisition transforms the Company's business base and represents the first stage in the next phase of the Company's development, as the Group aims to create a growth company operating across a diverse portfolio of experiential leisure and entertainment assets in the UK. Brighton Pier is a profitable, cash-generative, iconic seafront visitor destination and entertainment venue attracting a broad customer base. It is estimated that the Pier attracts approximately 4.5 million visitors per annum, making it the UK's fifth most popular destination by visitor numbers. The Acquisition is expected to be immediately earnings enhancing.

Terms used in this announcement shall have the meanings given to them in the Company's admission document dated 8 April 2016 unless otherwise specified.

Enquiries:

 
 
   The Brighton Pier Group PLC 
 Luke Johnson, Executive Chairman         Tel: 020 7016 
                                           0700 
 John Smith, Chief Financial Officer      Tel: 020 7376 
                                           6300 
 
 Panmure Gordon (UK) Limited (Nominated   Tel: 020 7886 
  Adviser & Joint Broker)                  2500 
 Corporate Finance 
 Andrew Godber / Atholl Tweedie / 
  Duncan Monteith 
 Corporate Broking 
 Charles Leigh-Pemberton 
 
 Arden Partners plc (Joint Broker)        Tel: 0207 7614 
                                           5900 
 Corporate Finance 
 James Felix / Benjamin Cryer 
 Corporate Broking 
 Ed Walsh / Jonathan Keeling 
 
 Maitland (Financial Communications       Tel: 020 7379 
  Advisers)                                5151 
 James Devas 
 Robbie Hynes

Website: www.brightonpiergroup.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

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April 27, 2016 03:00 ET (07:00 GMT)

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