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.
Time Out is also restructuring €22.6m (£20.2m) worth of debt, with all interest and principal repayments delayed until November 2021. Management noted in May that it assumes its markets will re-open in September this year, although it said it would consider the possibility of an earlier date. But the group’s base case scenario still expects that revenues from its markets will halve in the first six months after they reopen.
| Buys | ||||||
| Company | Director/PDMR | Date | No. of shares | Price (p) | Aggregate value (£) | Comments |
| Ultra Electronics | Tony Rice | 10 Jun 20 | 5,000 | 2,052 | 102,610 | Holds beneficial interest of 0.007% |
| Whitbread | Adam Crozier (ch) | 10 Jun 20 | 1,500 | 1,500 | 22,500 | |
| Whitbread | Frank Fiskers | 11 Jun 20 | 1,200 | 2,441 | 29,292 | |
| TalkTalk | Roger Taylor | 11 Jun 20 | 231,351 | 95.15 | 220,130 | |
| TalkTalk | Roger Taylor | 12 Jun 20 | 768,649 | 96.19 | 739,363 | |
| Hyve Group | Mark Shashoua (ceo) | 12 Jun 20 | 421,807 | 69 | 291,047 | |
| Hyve Group | Richard Last | 12 Jun 20 | 135,000 | 69 | 93,150 | |
| Dignity | Clive Whiley (ch) | 12 Jun 20 | 10,000 | 288.65 | 28,865 | |
| Time Out | Peter Dubens | 12 Jun 20 | 2,294,720 | 35 | 803,152 | |
| C&C | Stewart Gililand | 12 Jun 20 | 20,000 | 215.5 | 43,100 | |
| Ingenta | Sebastian White | 12 Jun 20 | 25,000 | 45 | 11,250 | Purchased by PCA Kestrel Partners |
| Nexus Infrastructure | Michael Morris (ceo) | 12 Jun 20 | 214,285 | 140 | 29,999,900 | Participation in share placing. Holds interest of 22.26% |
| DX | Paul Goodson | 12 Jun 20 | 200,000 | 12.4 | 24,800 | Holds interest of 0.47% |
| Johnson Matthey | Doug Webb | 15 Jun 20 | 2,400 | 2,054 | 49,298 | |
| Bango | Frank Bury | 15 Jun 20 | 25,000 | 157 | 39,250 | |
| SDL | Glenn Collinson | 15 Jun 20 | 10,373 | 517.5 | 53,680 | |
| BT | Leena Nair | 15 Jun 20 | 50,000 | 113 | 56,500 | |
| TalkTalk | Tristia Harrison | 16 Jun 20 | 223,045 | 89 | 198,510 | |
| Sells | ||||||
| Company | Director/PDMR | Date | No. of shares | Price (p) | Aggregate value (£) | Comments |
| XP Power | Duncan Penny (ceo) | 10 Jun 20 | 60,750 | 3,514 | 2,134,755 | Sold after exercising options at 946p per share |
| Brewin Dolphin | Grant Parkinson (coo) | 11 Jun 20 | 12,230 | 281 | 34,366 | |
| OneSavings Bank | Alan Cleary | 12 Jun 20 | 320,595 | 306.15 | 981,514 | |
| Rio Tinto | Arnaud Soirat | 16 Jun 20 | 9,500 | 5,406 | 513,581 |
