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ARE Arena Events Group Plc

20.75
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Arena Events Group Plc LSE:ARE London Ordinary Share GB00BF0HYJ24 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 20.75 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Arena Events Group PLC Settlement of US legal action and Trading Update (5581W)

02/08/2018 7:01am

UK Regulatory


Arena Events (LSE:ARE)
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RNS Number : 5581W

Arena Events Group PLC

02 August 2018

2 August 2018

Arena Events Group plc

Settlement of potential US legal action and Trading Update

Arena Events Group plc (AIM: ARE, "Arena", the "Company" or the "Group"), is pleased to announce that it has reached a settlement regarding its potential US legal matter and to provide a trading update for the six months ended 30 June 2018.

Settlement of potential US legal action

Further to the Company's announcement on 29 March 2018 in relation to a potential legal action against its US subsidiary, Arena Americas, the Company is pleased to announce that a settlement has been agreed in principle with the United States' Attorney's Office for the Southern District of Georgia to resolve the US government's investigation of Arena Americas ("Settlement"). The Settlement includes the payment by Arena Americas of $4.8 million in equal instalments over five years (being $960,000 per annum). In addition, there is the potential for additional contingent payments which are based on Arena Americas achieving revenue of $150 million (Arena Americas 2017 revenue was $56.7 million) or net profits of $2.5 million (Arena Americas 2017 net profit was $0.5 million). The potential contingent payment would be $600,000 in any of the next five years that either of these hurdles are exceeded.

The Settlement is subject to final US government approval and is a full and final settlement of all relevant matters. The fixed annual payments of $960,000 will be made by Arena Americas from existing US facilities and future US operating cash flow.

Arena Americas admits no wrong-doing by entering into the agreement and has reached this Settlement with the government to avoid the uncertainty of litigation over the government's allegations. Furthermore, the Group has completed its detailed review of all working practices and compliance procedures in the US and is implementing an upgraded compliance programme to prevent any similar issues arising in the future.

Trading Update

The Group is pleased to report that trading in the first half was in line with expectations with the Company delivering a number of major global events for both new and existing customers, including Henley Royal Regatta, Wimbledon, the Fever Tree Championships at Queens, the US Open (golf) Championship, the Frieze Art Fair, the Genesis Open in Korea and the Hong Kong Sevens.

In addition, the Company has completed four acquisitions since the start of the year; furniture business GLD Productions; temporary cold room company Ice House Rentals; barrier and fencing company Events Solution; and Ironmonger Group in Hong Kong. The integration of all the three UK acquisitions is proceeding well and their trading is in line with management expectations.

The Board is continuing to assess a number of further acquisitions and will update the market in due course.

The Group is confident of delivering full year results in line with market expectations.

Greg Lawless, Chief Executive Officer of Arena, commented:

"The Group remains on track to deliver on market expectations for the full year. We continue to grow the business organically as well as pursue a number of acquisition targets in line with our stated strategy.

I am pleased that we have reached a settlement regarding the US legal matter and that we can now move forward and continue to develop and grow our US business without the significant distraction that a lengthy litigation process would have entailed."

This announcement contains inside information.

Enquiries:

 
 
 Arena Events Group plc 
  Greg Lawless (CEO) 
  Piers Wilson (CFO)                       +44(0)203 770 3838 
  Cenkos Securities (Nomad and Broker)      +44(0)207 397 8900 
 Max Hartley (Corporate Finance) 
  Julian Morse (Sales) 
 
  Alma PR (Financial PR)                   +44(0)208 004 4217 
 Josh Royston / John Coles / Helena 
  Bogle 
 

Notes to Editors:

Arena Events Group plc (www.arenagroup.com) is a provider of temporary physical structures, seating, ice rinks, furniture and interiors. The Group has operations across Europe, the US, the Middle East and Asia, and current clients include Wimbledon Tennis, The Open, PGA European Tour and Ryder Cup.

The Group services major sporting, outdoor and leisure events, providing a managed solution from concept and design through to the construction and integration of the final structure and interior. Contracts range in size and complexity from a simple equipment rental for a local outdoor event, to an integrated solution of multiple structures and interiors for a major international sporting event.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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(END) Dow Jones Newswires

August 02, 2018 02:01 ET (06:01 GMT)

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