OOH!MEDIA LIMITED (OML)

The suspension of trading in the securities of oOh!media Limited will be lifted immediately following the release by OML of an announcement regarding the results of an institutional placement and the institutional component of an entitlement offer.

The company announces the successful completion of the placement to institutional and sophisticated investors and the institutional component of its 1 for 1 fully underwritten1 accelerated non-renounceable pro rata entitlement offer of fully paid ordinary shares in the company. The clacement and the institutional component of the entitlement offer closed on 27 March 2020, raising approximately A$156 million. The offer price was A$0.53 per new share.

The company wishes to make corrections to the cleasning notice released earlier. The corrections are as follows. HMI Capital LLC has provided a commitment to sub-underwrite up to $17.7m across the Offer (up to 10.6% of the Offer). Footnote 1 should note that should the HMI Sub-underwrite result in HMI's shareholding in oOh! exceeding 20%, HMI will require approval of FIRB and New Zealand Overseas Investment Office (if applicable) to take ownership of any shares above 20%. If FIRB or OIO (if applicable) approval were not granted within 4 months (or such longer period agreed between HMI and the Underwriter), the Underwriter or an Affiliate would seek to sell the HMI Excess Shares and remit the sale proceeds to HMI.

The company releases a cleansing notice for its accelerated non-renounceable pro rata entitlement offer of 1 fully paid ordinary share in oOh! for every 1 oOh! ordinary shares held as at 7:00pm (Sydney time) on 30 March 2020 by shareholders with a registered address in Australia, New Zealand and certain other jurisdictions in which oOh! decides to extend the Entitlement Offer, along with a placement to institutional investors, to raise approximately $167 million.

The company today announced to the market a $167m fully underwritten Equity Raising. As a result of this, the company has made the decision to defer payment of its Final Dividend for the year ending 31 December 2019 until Friday 3 April 2020. The Dividend Reinvestment Plan price has also been adjusted to $0.53 to align with the Offer Price announced in the Equity Raising. The DRP issue date will now be Friday 3 April 2020.

The company releases an Investor Presentation.

The company has a number of proactive initiatives to improve its financial flexibility and liquidity in light of recent global macroeconomic conditions. These include: the launch of a $167m fully underwritten equity raising, with proceeds to be applied to repay debt and fund transaction costs; material cost control measures with identified savings of $20m "“ $30m in Operating Expenditure and Fixed Rent expense reduction to be realised over financial year 2020 (FY20) depending upon how market conditions evolve; reduction of Capital Expenditure program by $25m "“ $35m below the previous guidance range of $60 "“ $70m; and amendment of the company's debt arrangements to increase the gearing covenant to 4.0x Net Debt / EBITDA for calendar year 2020, reflecting strong support from the company's banking syndicate.

oOh!media Limited has made the decision to defer payment of its Final Dividend for the year ending 31 December 2019 until Friday 3 April 2020. The Dividend Reinvestment Plan issue date will, accordingly, be Friday 3 April 2020.

The securities of oOh!media Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of OML, pending the release of an announcement regarding a proposed capital raising.

listed entity carried for record purposes only