Superdry shareholders vote in favour of restructuring plan
The restructuring is a formal procedure under the Companies Act for companies in financial difficulties
Superdry has announced that its shareholders have voted in favour of its restructuring plan.
The news comes after the group’s creditors also approved its proposed equity raise of £10m and delisting last week.
The plan will involve rent reductions at 39 stores, delisting from the stock market and an equity raise underwritten by founder Julian Dunkerton.
The independent directors considered that the £10m gross proceeds from the placing provides “greater comfort that the company will have sufficient liquidity headroom to implement its turnaround plan”, particularly taking into account the ongoing challenging economic environment, compared with the £6.9m gross proceeds from the open offer.
The restructuring is a formal procedure under the Companies Act for companies in financial difficulties.
Superdry will now ask the High Court to sanction the restructuring plan at a hearing scheduled for today 17 June 2024.
The plan is the latest attempt to rescue the company after Dunkerton failed with a take private deal earlier this year.
Peter Sjӧlander, Superdry chairman, 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.”
