The restructuring plan to ensure the survival of fashion retailer Superdry has been given the go-ahead after shareholders voted in its favour.
Superdry said in a statement that at its general meeting, which took place earlier today, “all of the resolutions put to the meeting were approved”, including an equity raise underwritten by boss Julian Dunkerton and delisting from the London Stock Exchange.
The statement said directors “took into account a number of factors” to come to a decision, including Superdry’s liquidity requirements and the interests of its creditors, among others.
The outcome of the vote means that a £10m placing has been approved that will boost Superdry’s liquidity and fuel its ability to implement the turnaround strategy.
Superdry said it takes “greater comfort” in the outcome “particularly taking into account the ongoing challenging economic environment”.
Following the vote, implementation of the placing remains subject to approval at a court sanction hearing, which is taking place next week, and the process is expected to be finalised next month if approved.
Superdry chair Peter Sjӧlander said: “I am pleased that our shareholders have supported the proposed equity raise and would like to thank those shareholders who voted in favour of the proposals before them today.
“This is a crucial step towards delivering the restructuring of the business and ensuring that Superdry is in the best possible shape to complete its recovery and return to growth.”
Dunkerton added: “I am extremely grateful for the support shown today from our shareholders and earlier this week from our creditors. This is a crucial next step in our journey and reflects a turning point for the business, which – pending court approval for our restructuring plan next week – means Superdry will avoid insolvency.
“I recognise all stakeholders have made deep compromises to enable this turnaround and I will be putting a significant amount of my own money behind this too, to ensure that the business continues to survive over the long term.
“With the court hearing next week, I continue to look forward to a positive future for Superdry.”
Superdry won the support of its creditors earlier this week and 99% of them gave Dunkerton’s restructuring plan the green light.
Superdry previously said without the restructuring plan going ahead, it would need to enter administration.
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