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Superdry raises £12m to finance strategic restructuring
(Sharecast News) - Superdry shares were under pressure on Wednesday after the company went cap in hand to investors to raise fresh funds to finance its turnaround. The company said that the brand was recovering well but that its strategic transformation required a "strong and stable" balance sheet while also actively managing its working capital needs.
After the close of trading the day before, the company announced its intention to conduct a retail offer for new shares, alongside a placing with institutional investors.
The price for both sales was set at 76.3p per share, for a 9.9% discount to their closing price on 2 May, with the goal of raising roughly £12m.
In total, the number of new shares issued would equate to apporximately 19.1% of the fashion retailer's existing issued share capital.
Company founder and chief executive officer, Julian Dunkerton, was to participate in the cash call "reflecting his confidence in the long-term prospects of the business," the company said.
Dunkerton had also agreed to underwrite the equity raise in its entirety at the placing price
As of 0958 BST, shares of Superdry were falling 6.73% to 79.0p.
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