Ten Entertainment’s (TEN) biggest shareholder has built on its shareholding in the ten-pin bowling operator, taking part in a placing conducted in response to the outbreak of coronavirus.
Harwood Capital, whose chief investment officer Christopher Mills sits as a non-executive director at Ten Entertainment, subscribed for 554,123 of the 3.25m shares issued at a price of 155p on 26 March, with an aggregate value of around £0.86m. Ten Entertainment did not disclose Harwood’s latest position in the company, which stood at 16.6 per cent as of 19 December 2019. A host of Ten Entertainment directors participated in the placing, including chief executive Duncan Garood and chief financial officer Antony Smith, who acquired 24,000 shares and 30,000 shares, respectively.
Ten Entertainment announced its placing on 25 March. The company, which has closed all of its sites and delayed the release of its full-year results, said that the new funds would help to provide additional headroom on its balance sheet, which was comprised of £20.5m in cash, an overdraft facility of £2m and undrawn revolving credit facility funds of £2.8m. Ten’s placement has added just over £5m to its liquidity. The company is limited to issuing 3.25m shares on a non-preemptive basis.
The company had a strong start to 2020 before the coronavirus crisis took hold. In its first 11 weeks to 15 March, sales were up 9.3 per cent on the same period in 2019 on a like-for-like basis. Ten has temporarily ceased its acquisition of properties and has furloughed most of its staff as it looks to rein in costs during a period of zero footfall.
| Buys | ||||||
| Company | Director/PDMR | Date | No. of shares | Price (p) | Aggregate value (£) | Comments |
| Smart Metering Systems | Alan Foy | 25 Mar 20 | 80,645 | 578.29 | 466,128 | |
| Playtech | Shimon Akad (coo) | 25 Mar 20 | 30,000 | 179.84 | 53,951 | |
| Greggs | Roger Whiteside (ceo) | 25 Mar 20 | 11,251 | 1,588.59 | 178,733 | |
| Greggs | Richard John Hutton | 25 Mar 20 | 4,627 | 1,588.59 | 73,504 | |
| Bellway | Paul Hampden Smith | 25 Mar 20 | 1,963 | 2,026.70 | 38,784 | |
| Bellway | Paul Hampden Smith | 25 Mar 20 | 1,961 | 2,028.80 | 39,784.77 | |
| Bellway | Jason Honeyman (ceo) | 26 Mar 20 | 2,687 | 1,995 | 53,605.65 | Shares bought by Joanne Honeyman, PCA |
| Keller Group | Peter Hill | 26 Mar 20 | 10,000 | 513.69 | 51,369.02 | |
| Ten Entertainment | Christopher Mills | 26 Mar 20 | 500,000 | 155 | 775,000.00 | |
| Ten Entertainment | Christopher Mills | 26 Mar 20 | 54,123 | 155 | 83,890.65 | |
| Ten Entertainment | Christopher Mills | 26 Mar 20 | 5,877 | 163.5 | 9,608.90 | |
| Ten Entertainment | Nick Basing | 26 Mar 20 | 52,500 | 155 | 81,375 | |
| Ten Entertainment | Antony Smith (cfo) | 26 Mar 20 | 30,000 | 155 | 46,500 | |
| Ten Entertainment | Julie Sneddon | 26 Mar 20 | 50,000 | 155 | 77,500 | |
| Micro Focus International | Greg Lock (ch) | 26 Mar 20 | 172,000 | 368.39 | 633,630.80 | |
| Micro Focus International | Greg Lock (ch) | 26 Mar 20 | 66,500 | 362.9 | 241,328.50 |
| Sells | ||||||
| Company | Director/PDMR | Date | No. of shares | Price (p) | Aggregate value (£) | Comments |
| Cranswick | Martin Thomas Peter Davey | 27 Mar 20 | 34,085 | 3,530.53 | 1,203,381.15 | |
| Cranswick | Martin Thomas Peter Davey | 27 Mar 20 | 36,047 | 3,604.70 | 1,272,650.15 | Shares sold by Linda Davey, PCA |
