NOT FOR
RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY
OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO
WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF
THAT JURISDICTION.
THIS
ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER
ARTICLE 7 OF THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014 AS
INCORPORATED INTO UK DOMESTIC
LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON THE
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION
SERVICE, THIS INSIDE INFORMATION WILL BE CONSIDERED TO BE IN THE
PUBLIC DOMAIN.
28 March 2024
Superdry
plc
(“Superdry” or the
“Company”)
Response to
announcement by Julian Dunkerton
The Company notes today’s
announcement from Julian Dunkerton that he does not intend to make
an offer for Superdry and, as a result, confirms that the Company
is no longer in an offer period.
Following a period of
engagement, the Transaction Committee and Julian Dunkerton have,
together, concluded that a takeover offer from Julian Dunkerton for
Superdry is unlikely to deliver an outcome for shareholders, or
stakeholders more broadly, that the Transaction Committee and
Julian Dunkerton are confident can be executed in the context of
the Company’s ongoing work on its turnaround plan and material cost
saving options.
However, the Company remains
in discussions with Julian Dunkerton in respect of alternative
structures, including a possible equity raise fully underwritten by
Julian Dunkerton, which would provide additional liquidity headroom
for the Company’s turnaround plan. It is expected that any equity
raise would be at a very material discount to the current share
price, require shareholder approval of a Rule 9 waiver (as referred
in Note 1 of the Notes on Dispensations from Rule 9 of the Code)
and be conditional on a de-listing of the Company.
A further announcement will be
made as appropriate. There can be no certainty that a transaction
with Julian Dunkerton will be agreed.
The person responsible for
releasing this announcement is Jennifer Richardson, General Counsel
& Company Secretary.
Enquiries
|
Superdry
Peter
Sjӧlander, Chairman
|
+44 (0) 1242
586747
|
|
Peel Hunt
LLP (Financial Adviser to Superdry)
George
Sellar
Michael
Nicholson
Andrew
Clark
Edward
Lowe
|
+44 (0) 2074
188900
|
|
Brunswick
Group LLP (Financial PR)
Tim
Danaher
|
+44 (0) 207
4045959
|
This announcement
is not intended to, and does not, constitute, represent or form
part of any offer, invitation or solicitation of an offer to
purchase, otherwise acquire, subscribe for, sell or otherwise
dispose of any securities or the solicitation of any vote or
approval in any jurisdiction whether pursuant to this announcement
or otherwise.
The distribution
of this announcement in jurisdictions outside the UK may be
restricted by law and therefore persons into whose possession this
announcement comes should inform themselves about, and observe,
such restrictions. Any failure to comply with the restrictions may
constitute a violation of the securities law of any such
jurisdiction.
