The Board of Hyve (the “Board”) notes the recent media speculation regarding a potential equity fundraise by the Company.
As set out in its announcement of 8 April 2020, the Board continues to take decisive action and is reviewing all options to secure the Group’s long-term financial position. The options under review include a potential equity fundraise. The Company continues to be engaged in constructive dialogue with the Group’s lenders in relation to covenant headroom and facility flexibility and has already secured a waiver of the June 2020 covenant tests under its debt facilities.
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The Board remains confident that the Group's strategy of focusing on market-leading events provides a strong platform to return to growth post the current crisis and its priority remains to safeguard the Group's customers, colleagues and communities during this period of uncertainty.
A further announcement will be made if required.
About Hyve Group plc
|Hyve Group plc
|Mark Shashoua / Andrew Beach / Melissa McVeigh
||+44 (0)20 3545 9400
|Charles Palmer / Emma Hall / Chris Birt
||+44 (0)20 3727 1000
|Nick Westlake / Matt Lewis / Hugo Rubinstein
||+44 (0)20 7260 1000
Hyve Group plc is a next generation global events business whose purpose is to create unmissable events, where customers from all corners of the globe share extraordinary moments and shape industry innovation. Hyve Group plc was announced as the new brand name of ITE Group plc in September 2019, following its significant transformation under the Transformation and Growth programme. Our vision is to create the world's leading portfolio of content-driven, must-attend events delivering an outstanding experience and ROI for our customers.
There can be no certainty that any possible transaction contemplated in this announcement will proceed nor as to the terms on which any possible transaction might be concluded.
This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this Announcement or otherwise.
No securities in connection with any possible transaction contemplated in this announcement have been or will be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.
No person has been authorised to give any information or to make any representations other than those contained in this announcement.
For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, the person responsible for arranging the release of this announcement is Andrew Beach, Chief Financial Officer.
The issue of this announcement shall not, for the avoidance of doubt, in any circumstances, create any implication that the Company shall be required to provide further updates on the status of any matters contemplated in this announcement (save as may be required by law or regulation).