Superdry proposes delisting from London Stock Exchange
Quote from VATcal on 16/04/2024, 18:17Struggling fashion retailer Superdry has announced plans to delist from the London Stock Exchange (LSE) as part of a major overhaul to secure its future. The move comes alongside a raft of measures aimed at getting the company back on a "more stable footing".
In a statement released today, Superdry outlined a package that includes:
- Delisting from the LSE: The company is proposing to shareholders that it exit the stock exchange entirely.
- Fundraising: Superdry is seeking to raise up to £10 million through an equity raise, involving the sale of new shares.
- Property restructure: The fashion retailer plans to overhaul its UK property portfolio and reduce its retail cost base.
These measures, according to Superdry, are necessary to "return to a more stable footing, accelerate its turnaround plan and drive it towards a viable and sustainable future". Delisting, the company claims, would allow them to implement changes "away from the heightened exposure of public markets" and generate "significant" annual cost savings.
Superdry's CEO and co-founder, Julian Dunkerton, described the announcement as a "critical moment" in the company's history. He further emphasised his commitment to Superdry's future by underwriting the equity raise.
The news comes after a torrid few years for Superdry. Once a market favourite, the company's value has plummeted in recent times. The delisting proposal requires shareholder approval at a general meeting before it can be enacted.
Should the delisting go ahead, Superdry has indicated plans to implement a "matched bargain facility" to help shareholders buy and sell shares after the company leaves the LSE.
Struggling fashion retailer Superdry has announced plans to delist from the London Stock Exchange (LSE) as part of a major overhaul to secure its future. The move comes alongside a raft of measures aimed at getting the company back on a "more stable footing".
In a statement released today, Superdry outlined a package that includes:
- Delisting from the LSE: The company is proposing to shareholders that it exit the stock exchange entirely.
- Fundraising: Superdry is seeking to raise up to £10 million through an equity raise, involving the sale of new shares.
- Property restructure: The fashion retailer plans to overhaul its UK property portfolio and reduce its retail cost base.
These measures, according to Superdry, are necessary to "return to a more stable footing, accelerate its turnaround plan and drive it towards a viable and sustainable future". Delisting, the company claims, would allow them to implement changes "away from the heightened exposure of public markets" and generate "significant" annual cost savings.
Superdry's CEO and co-founder, Julian Dunkerton, described the announcement as a "critical moment" in the company's history. He further emphasised his commitment to Superdry's future by underwriting the equity raise.
The news comes after a torrid few years for Superdry. Once a market favourite, the company's value has plummeted in recent times. The delisting proposal requires shareholder approval at a general meeting before it can be enacted.
Should the delisting go ahead, Superdry has indicated plans to implement a "matched bargain facility" to help shareholders buy and sell shares after the company leaves the LSE.
