Ocean Outdoor Limited GBP35m Debt Financing and 2019 Results Reporting (2929O)

TIDMOOUT

RNS Number : 2929O

Ocean Outdoor Limited

29 May 2020

29 May 2020

Ocean Outdoor Limited

("Ocean" or the "Company" or the "Group")

New Debt Financing of GBP35 Million

2019 Results Reporting and Conference Call

Ocean Outdoor Limited (LSE: OOUT), a leading operator of premium Digital Out-of-Home ("DOOH") advertising in the United Kingdom, the Netherlands, the Nordics and Germany, is pleased to announce that it has strengthened its liquidity position with new financing arrangements.

The Group has entered into a GBP35 million facility agreement, comprising of a term loan and revolving credit facility. GBP25 million of the new facility has been issued under the UK government backed Coronavirus Large Business Interruption Loan Scheme ("CLBILS").

The Group's cash position, as of 29 May 2020, stands at GBP32 million, providing the business with substantial liquidity of GBP67 million. In addition, the management team has continued with its cash conservation and cost reduction programme. The Group is confident that it has sufficient liquidity should advertising conditions remain subdued for an extended period.

The Group can confirm there is no material change to the Full Year 2019 revenue and EBITDA figures announced on 18 February 2020. Due to Covid-19, the audit requirements include a more detailed review and to that end the Group will now release its 2019 results on 8 June, 2020.

The conference call for investors and analysts, presenting the Full Year 2019 results and an update on Q1 2020, will take place on 8 June 2020 at 13:00 BST / 08:00 ET. Dial-in details below:

UK Toll Free: 0808 109 0700

USA Toll Free: 1 866 966 5335

Standard International Access: [phone]

Password: Ocean Outdoor

For further information please contact:

 
 Ocean Outdoor 
  Tim Bleakley, CEO                                 020 7292 
  Susann Jerry, Head of Corporate Communications     6161 
 Yellow Jersey PR 
  Charles Goodwin 
  Georgia Colkin                                    07747 788 
  Joe Burgess                                        221 
 

About Ocean Outdoor

Ocean Outdoor operates some of the most prestigious digital out-of-home (DOOH) locations in the UK, Northern and Continental Europe.

The Ocean portfolio features the UK's most iconic DOOH locations including the BFI IMAX; the Landsec Piccadilly Lights and a significant presence in the top 12 UK cities. Ocean's portfolio of high-profile landlords and partners includes Birmingham, Manchester, Glasgow and Southampton City Councils, Landsec, Unibail-Rodamco-Westfield, the BFI and intu.

In the UK, a continued focus on Ocean's Digital Cities for Digital Citizens philosophy has significantly augmented the Group's position as an operator of high quality DOOH assets. Ocean continues to deliver good organic development through new City tender wins, the rollout of new locations in Scotland, London, the West Midlands and Manchester and significant screen investment.

Strategic acquisitions that complement the existing DOOH portfolio remain a strategic pillar of the growth programme. This continued with three Dutch acquisitions in spring 2019, giving the company a significant share of the Netherlands market where it has become a major DOOH player. These subsidiaries have since been rebranded as Ocean Netherlands.

In September 2019, Ocean acquired the assets of Visual Art, a Sweden based independent, pure-play DOOH media and tech group which operates in three Nordic countries (Sweden, Norway, Denmark) and key cities in Germany. This transaction expands Ocean's portfolio across 23 Unibail-Rodamco-Westfield shopping malls in Europe, in addition to holding the exclusive external rights to two of the largest premium urban shopping malls in Europe: Westfield London and Westfield Stratford in the UK.

In February 2020, Ocean closed the acquisition of AdCityMedia, a Sweden-based premium out-of-home and digital screen tech operator focused on large format digital and high-end city centre locations across Sweden, Norway, Denmark and Finland. The combined entities of Visual Art and AdCityMedia, referred to as Ocean Nordics, will create the leading DOOH operator in the region.

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 [e-mail] or visit www.rns.com.

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May 29, 2020 02:00 ET (06:00 GMT)