Superdry’s delisting from the London Stock Exchange will come into effect from Monday, following approval of its restructuring plan by shareholders last month.
In a note to the City, Superdry said its delisting as a public company would come into effect from 8am on July 15, after which time the company’s shares will be admitted to trading on the JP Jenkins securities matching platform.
The retailer said JP Jenkins provides securities matches for unlisted companies, “enabling shareholders and prospective investors to buy and sell shares on a matched bargain basis”.
Superdry said the provision of the facility will be kept under review by the board and both expected and communicated shareholder demand for it will be considered as time goes on.
Following delisting, Peel Hunt will cease to be Superdry’s sponsor, financial adviser and corporate broker.
The move comes after shareholders backed Superdry boss Julian Dunkerton’s restructuring plan at its general meeting in mid-June.
In a statement, Superdry said directors “took into account a number of factors” to come to a decision, including the comapny’s liquidity requirements and the interests of its creditors.
The outcome of the vote meant that a £10m placing was approved to try to boost Superdry’s liquidity and fuel its ability to implement the turnaround strategy.
Superdry and Dunkerton had both warned that without approval for the turnaround plan, the business would need to go into administration.
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