Superdry to raise £12m via share sale
Additionally, Superdry is also launching a retail offer of ordinary shares for 5p each through a bookbuild process
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Superdry has announced that it intends to issue 15,700,000 new ordinary shares of 5p each in the capital of the company at 76.3 pence per Ordinary Share to raise gross proceeds of approximately £12m.
Co-founder and chief executive Julian Dunkerton, who owns a 25% stake in the business, has agreed to underwrite the equity raise in its entirety.
It also revealed that Superdry intends to request a waiver of the requirements under the Takeover Code that would typically require Dunkerton to make a general offer for the company if his shareholding in the business would equal or exceed 30% following the Equity Raise.
Additionally, Superdry is also launching a retail offer of ordinary shares for 5p each through a bookbuild process.
The bookbuild is expected to close at 17:00 on 3 May 2023.
Peel Hunt LLP and Liberum Capital Limited are acting as joint bookrunners in respect of the Placing.
Meanwhile, Superdry COO Silvana Bonello is reportedly set to step down from her role according to Drapers.
Bonello has been with the company for over two years, prior to which she was the vice president for planning and operations at Vans having spent the majority of her earlier career at sportswear giant Nike.
