4th Dec 2019 17:18
(Alliance News) - Boohoo Group PLC founders Mahmud Kamani and Carol Kane intend to 50 million shares in total in the fast fashion retailer via an accelerated share bookbuild process, placing managers Zeus Capital Ltd and Jefferies International Ltd said Wednesday.
Kamani, who is also chair of Boohoo, intends to sell up to 35 million shares, while Director Kane will sell 15 million shares. The shares being sold represent up to 4.3% of the company's issued share capital.
Following the share placing, the founders will continue to own 184.0 million shares, or 15.8% stake in the retailer. Kamani will own 13.1%, while Kane will h ave 2.7% interest in Boohoo.
Boohoo on Tuesday reported a record performance over the Black Friday weekend and said trading since half-year end on August 31 remained "strong" across key brands. The company added that its continues to trade "comfortably" in line with market expectations.
Shares in Boohoo closed down 3.0% in London on Wednesday at 297.10 pence each.
By Tapan Panchal; [email protected]
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