Escape Hunt, a global leader in the growing escape rooms sector, is pleased to announce that it has conditionally agreed terms to acquire its French master franchise partner, BGP Escape (the “Proposed Acquisition”). The deal is expected to close within the coming weeks, subject to completion of due diligence, finalisation of contracts and compliance with local law requirements.
In connection with the Proposed Acquisition, Escape Hunt also announces a firm placing of 8,036,904 new ordinary shares of 1.25p each (“New Ordinary Shares”) at 17.5 pence per share (the “Placing Price”) to raise approximately £1.4m before expenses. The Placing Price represents a discount of 4 per cent. to the 5 day average closing middle market price of the Company’s shares between 15 and 21 January 2021, being the last five trading days prior to this announcement. The Placing has been completed within the Company’s existing shareholder authorities to disapply pre-emption rights.
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