Time Out’s (TMO) share price has more than halved since the beginning of March this year, as coronavirus dampened investors’ confidence in the group’s new events-oriented Time Out Market business. The company was forced to close all six of its markets, which host live events that sell food and drink, and temporarily rebranded itself as ‘Time In’ in a bid to encourage social distancing. But this markets division is key to the group’s growth ambition: management noted in its year-end trading update that the segment had driven overall net revenue growth in 2019.
But the share price seems to have stabilised, having hovered around 40p since the end of April. The group has shored up its cash in recent months, raising £45m from a placing and gross proceeds of £2.1m from an open offer of new shares. Non-executive chairman Peter Dubens undertook his open offer entitlement in full, buying £803,152 worth of shares on 12 June at 35p.