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Wed 24th Apr 2019 - Shares in Loungers to begin trading next Monday
Shares in Loungers to begin trading next Monday: Loungers, the operator of 146 cafe bars across England and Wales under the Lounge and Cosy Club brands, has launched its IPO admission document with a conditional placing of 41,625,000 ordinary shares at 200p pence. Trading in the shares will start next Monday 29 April at 8am. The placing has conditionally raised gross proceeds of approximately £83.3 million, comprising £61.6 million for the company and £21.7 million for the selling shareholders. Based on the placing price, the market capitalisation and enterprise value of the company on admission will be £185.0 million and £212.5 million respectively (based on anticipated net debt post admission). The company’s net proceeds will be used, alongside new bank facilities, to repay the group’s current debt facilities, reduce the overall level of indebtedness and provide the group with an appropriate capital structure with which to pursue its growth plans. Selling shareholders including Lion Capital (the company’s current institutional backer), Alex Reilley and Jake Bishop (the company’s founders) and members of the senior management team will have raised approximately £21.7 million (before expenses) pursuant to the placing. On admission, Lion Capital will hold approximately 39% of the issued ordinary shares. The executive directors, founders and senior management will hold approximately 16% of the issued ordinary shares. Nick Collins, chief executive officer of Loungers, said: “Today is a significant milestone in Loungers’ journey as it has long been our ambition to list the company on the public markets. We are delighted that our unique business has resonated strongly with investors. None of this would have been possible without the continued commitment of our wonderful team of employees. I would like to take this opportunity to thank them on behalf of the Board for their tremendous efforts which have enabled Loungers to go from strength to strength. We welcome all of our new shareholders to the Loungers’ family and look forward to the company’s continued growth and future success.”


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