Hyve considering funding options
Hyve Group
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Events group Hyve confirmed on Tuesday that it is considering funding options and is in early stage talks about a possible investment in the company.
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Responding to press speculation over the weekend, Hyve said it is currently considering its funding options to give the company "the greatest flexibility to accelerate its post pandemic growth and capitalise on the current market disruption".
"In assessing these options, the board will prioritise minimal dilution to existing shareholders as well as the optionality to move quickly as earnings accretive acquisition opportunities arise."
Hyve said discussions about any potential investment remain at an early stage and there can be no certainty they will progress to conclusion or as to the terms or size of any such potential investment.
"Consistent with the comments made at the time of the interim results, Hyve is well positioned for success post pandemic," it said.
"The company has a strong balance sheet to trade through as markets reopen and, as was demonstrated by the recent MosBuild event, its portfolio of market leading events will come back strongly and continue to deliver good return on investment."
The statement followed a report by Sky News on Sunday, suggesting that Hyve was in preliminary talks with private equity firm Carlyle about a private investment in public equity (PIPE) deal. It was understood that Carlyle is considering injecting between £200m and £250m into Hyve.
At 0935 BST, Hyve shares were down 3.5% at 126.79p.