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Thu 6th Apr 2017 - Hollywood Bowl Group owner to sell up to 17.8% stake
Hollywood Bowl Group owner to sell up to 17.8% stake: The owner of Hollywood Bowl Group, the UK’s largest ten-pin bowling operator, is planning to sell up to a 17.8% in the company. Private equity firm Electra Partners has announced its intention to sell up to 26,702,364 existing ordinary shares in Hollywood Bowl. The placing shares represent up to 17.8% of Hollywood Bowl Group’s issued share capital. Electra stated: “The placing shares are being offered to institutional investors by means of an accelerated bookbuild, which is to begin immediately. The placing will be managed by Investec Bank acting as sole bookrunner. The final number of placing shares to be placed and the price at which the placing shares are to be placed will be agreed by Investec and Electra at the close of the bookbuild process, and the results of the placing will be announced as soon as practicable thereafter. The timing for the close of the bookbuild process will be at the absolute discretion of Investec. In the event the seller holds any ordinary shares in the company following completion of the placing, the seller has agreed that following completion it and its affiliates will not, without Investec’s prior written consent, dispose of further ordinary shares in the company for a period of 60 days (subject to certain customary exceptions). The company is not a party to the placing and will not receive any proceeds from the placing.” Shares in Hollywood Bowl Group closed down 0.3% at 167.50p today (Thursday, 6 April). Electra bought Hollywood Bowl Group in 2014, when it was called The Original Bowling Company, and last year combined it with smaller rival Bowlplex. Earlier this week, Hollywood Bowl Group reported total revenue growth of 7.8% and like-for-like revenue growth of 1.2% in the first half of the financial year to 31 March 2017.

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