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Boohoo has confirmed it has secured lender consent from its lenders for a recent £39.3m fundraiser, after announcing an oversubscribed placing earlier this month. An application has now been made to the London Stock Exchange for admission of 126,908,442 new ordinary shares to trading on AIM.
Dan Finley, CEO of Boohoo, said: “Concluding the fundraising process and securing support from the banking syndicate is further evidence of the decisive steps that we have taken since announcing the business review. I now look forward to driving the business review forward and maximising value for all shareholders and the completion of this process gives us a great platform to do so.”
Tim Morris, chair of Boohoo, added: “I’d like to take this opportunity to thank our banking syndicate for their continued support. As a result of their backing, we now have a strong foundation from which to unlock and maximise shareholder value for all shareholders.”
Earlier this month, Boohoo raised £39.3m through a “significantly oversubscribed” fundraising launch with shareholders after its losses tripled in its half-year results.
In the half-year ended 31 August 2024, adjusted pre-tax losses widened to £27.4m, up from a loss of £9.1m the prior year. Revenues also fell by 15% from £729.1m to £619.8m.
It comes as newly appointed CEO Dan Finley said that the company is “significantly undervalued” amid the launch of a new strategic review of the group.
