12th Jul 2024 09:34
(Alliance News) - Superdry PLC on Friday said it will begin trading on the JP Jenkins securities matching platform following its delisting in London.
In April, the Cheltenham, England-based clothing retailer announced its intention to delist from the London Stock Exchange as part of wider restructuring plans which were subsequently approved by shareholders and sanctioned by the court in June.
Superdry cited the "significant annual cost savings from the delisting" as the reason behind the decision.
In the last reported full year that ended April 29 2023, Superdry swung to a pretax loss of GBP78.5 million from a GBP17.6 million profit a year prior, as selling and distribution costs grew by 13% to GBP306.6 million.
Interim results for the six months ending October 28 revealed a 24% fall in revenue to GBP219.8 million from GBP287.2 million the previous year.
The restructuring plan will primarily focus on amending Superdry's leasehold obligations to reduce losses and property-related liabilities with rent reductions expected at 39 of its UK sites.
Meanwhile the maturity of loans with Bantry Bay Capital Ltd and Hilco Capital Ltd are to be extended.
An equity raise via a placing of shares at 5 pence each totalling GBP10 million is to provide liquidity headroom to implement the plan.
The company's stock price has been trending downwards falling 97% over the past five years.
Superdry shares were up 8.8% to 3.70 pence each in London on Friday morning.
On Friday, the company's last day of trading on the London Stock Exchange, Superdry said its shares are to be admitted to trading on the JP Jenkins securities matching platform from July 15 onwards.
The platform provides a venue for unlisted or unquoted assets in companies, and shareholders wishing to trade these securities will be able to do so through their stockbroker.
By Elijah Dale, Alliance News reporter
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