London Stock Exchange welcomes Arena Events Group plc to AIM
London Stock Exchange today welcomes Arena Events Group plc, a provider of temporary structures, grandstand seating, ice rinks, furniture and interiors, onto the AIM market.
The Company, which 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, raised £60 million through a placing at 55p, giving it a market capitalisation of approximately £63 million on Admission.
The Group has operations across Europe, the US, the Middle East and Asia, earning the majority of its revenue from sporting events in the UK and US. The key customer focus is on blue chip, annual events with a reputation for quality. Arena has established long term relationships with events such as Wimbledon (67 years), The Open Championship (38 years), Cheltenham Races (33 years), HSBC Abu Dhabi Golf Championships, the US Open and the PGA Championship with each of whom the Group has multi-year contracts.
Joining AIM will not only help raise Arena's international profile, but provide the company with a significantly stronger balance sheet and the necessary funding to help grow the business both organically and by way of potential acquisitions.
Greg Lawless, Chief Executive Officer, commented:
"We are excited to be joining AIM today, in what marks a significant milestone for the company. I am delighted with the considerable interest and support we have received from institutional investors for our plans to continue to develop the Group. I would like to thank everyone involved for their ongoing support and look forward to the next stage of Arena's journey."