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Arena Events can carry on without Wimbledon or The Open after £9.5mln cash call

Saudi Arabia group TasHeel took 60mln shares through a subscription at 10p

Arena Events Group -
Arena is also assuming that major events proceed as scheduled in the late summer and early autumn.

Temporary seating specialist Arena Events Group PLC (LON:ARE) has shored up its balance sheet with a £9.5mln share issue and an additional £4.75mln loan from HSBC.

Saudi Arabia group TasHeel took 60mln shares through a subscription at 10p while a further 35mln were issued via a placing with Lombard Odier taking more than half of these.

Arena has been hit hard by the cancellation of all sporting and social events, but said that with the additional cash it is now in a strong financial position to weather the current crisis.

The company added as far as it knows Wimbledon and The Open golf championship are still going ahead.

These are two of its biggest events though its cashflow projections are not dependent on them happening, it added.

Arena is also assuming that major events proceed as scheduled in the late summer and early autumn.

“We continue to work with all our customers in relation to events scheduled to take place after May in order to mitigate the possible financial and operational impacts in the case further events are cancelled,” said Greg Lawless, chief executive.

Quick facts: Arena Events Group

Price: 10.5 GBX

AIM:ARE
Market: AIM
Market Cap: £16.03 m
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