May 22, 2020 / 6:42 AM / 14 days ago

Events magazine Time Out launches share sale to cut debt

May 22 (Reuters) - Food and events guide specialists Time Out Group Plc launched a 45 million pounds share issue on Friday, to pay off outstanding debt and give the company cash to ride out a coronavirus-led slump in advertising and the restaurant industry.

The company, which has been forced to shut six of its Time Out Market outlets in North America and Europe due to lockdowns, also announced an open offer to raise about 4 million pounds ($4.88 million) at an issue price of 35 pence per share.

$1 = 0.8193 pounds Reporting by Tanishaa Nadkar in Bengaluru; Editing by Shounak Dasgupta

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