Pinsents Acts as Coronavirus-Hit Events Firm Raises Capital
The company has lost revenue as a result of a wave of event cancellations and delays including the Tokyo Olympics.
April 15, 2020 at 06:43 AM
3 minute read
The coronavirus has had major implications on the global financial markets.
Pinsent Masons has been brought in to advise on a multi-million pound capital raising for coronavirus-impacted events company, Arena Events.
The firm advised on the £9.5 million raising via the subscription and placing of 60 million new shares, which was completed at the end of March. In addition Pinsents also provided legal advice on an additional drawdown from the existing loan facilities of £4.75 million.
AIM-listed Arena Events cited the coronavirus pandemic as a reason for the capital raising, according to a statement on the London Stock Exchange.
The company itself provides temporary physical structures for a number of major events including the Olympics and Wimbledon Tennis, and has been considerably impacted by the wave of events cancellations caused by the pandemic.
Since its interim results in February, the company's share price had fallen by over 80% to a low of 4.75 pence per share but has since rallied to its current value of 9 pence per share.
Pinsent Masons corporate finance partner Julian Stanier led the team, with additional support from banking partner Vanessa Heap.
According to Stanier, the firm's practice has been busy with a number of similar deals in the past month including two further fundraisings, advising Liberum Capital on a £16.4 million equity fundraising by MJ Gleeson, the housebuilder, and finance adviser finnCap on a £5 million fundraising by payment solutions firm PCI-PAL.
Arena Events is one of the latest examples of drastic financial measures taken by the companies to deal with the rapidly changing circumstances.
In March, Ashurst won mandates to advise on two high-profile administrations, that of restaurant chain Carluccio's and rent-to-buy company BrightHouse alongside Freshfields Bruckhaus Deringer.
Earlier that month, homeware brand and fashion chain Laura Ashley cited COVID-19 as a contributing factor to its collapse, which Travers Smith advised on.
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