Future Plc has announced the completion of an accelerated book build undertaken at 1275p/share (a 6.25% discount to yesterday’s closing price). The announcement of the placing of 8,184,906 (raising £104.4m of gross proceeds) has been made alongside a proposed acquisition of TI Media, the UK-based, print-led consumer magazine and digital publisher. The consideration of £140m for TI Media will also be funded through drawdown of an additional £45m of debt. This acquisition of TI Media is conditional upon 1) shareholder approval; and 2) CMA clearance. Alongside the proposed acquisition and placing announcements is a brief trading update, with revenues expected by management to be at the top end of consensus, and in the region of £220m. As joint broker to Future, we are restricted and can therefore provide factual comment only.