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Bonmarche rejects billionaire Philip Day's £5.7m takeover bid

Fri, 12th Apr 2019 08:48

(Sharecast News) - Bonmarche has rejected a £5.7m takeover bid from retail billionaire Philip Day earlier this month.The clothing retailer said on Friday that the bid "materially undervalues" the group and its future prospect.On 2 April, Day - who owns Edinburgh Woollen Mill - bought 26 million shares in Bonmarche through his Dubai-based investment vehicle Spectre Holdings, taking his stake in the company to 52.4% and triggering a mandatory takeover bid under City takeover rules. Bonmarche said at the time that it was considering the offer.The offer price of 11.445p a share in cash was well below the previous closing price of 18p.Bonmarche, which advised its shareholders to take no action in relation to their shares, said it has sought to engage with Day to discuss the future plans for the business for the benefits of all stakeholders."The board continues to seek positive engagement with Philip Day and looks forward to discussions in due course," it said.In addition, the company said that in light of fourth quarter trading and prior to the mandatory cash offer, it had been planning a number of cost reduction actions across the group, which it expects to start implementing shortly.At 0845 BST, the shares were up 3.3% at 15.50p.
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Bonmarché Sales Rise In First Quarter

LONDON (Alliance News) - Bonmarché Holdings PLC said Friday that sales rose in its first quarter, with growth driven by products, stores and multi-channel initiatives. The clothing retailer said store sales rose 13.5% for the 13 weeks to March 29, 2014, while online sales jumped 72.8%, givi

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11 Apr 2014 07:28

Bonmarché sees results ahead of forecasts after Q4 sales pick up

Bonmarché, the High Street value womenswear retailer, reported double-digit like-for-like (LFL) sales over its financial year after a strong fourth quarter. The company, which focuses on clothing in a wide range of sizes for mature women, said that the board now expects the outcome for the full yea

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16 Jan 2014 13:49

UK MIDDAY BRIEFING: Retail Season Ends Positively

LONDON (Alliance News) - A raft of strong trading updates from retailers including Primark, Dixons, Home Retail, and Halfords effectively brought the Christmas retail reporting season to a close Thursday, and confirmed that the period had been positive overall despite weak trading for some of

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16 Jan 2014 12:10

REPEAT: Bonmarche Reports Strong Christmas As Online Sales Start To Click

LONDON (Alliance News) - Shares in Bonmarche Holdings PLC, the mature-women's clothing retailer recently listed on AIM, were given a boost Thursday after the chain said that total sales rose by 6.3% for the quarter ended December 28, 2013, as online sales surged by almost 60%. The UK clothi

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16 Jan 2014 12:02

Bonmarche's Reports Strong Christmas As Online Sales Start To Click

LONDON (Alliance News) - Shares in Bonmarche Holdings PLC, the mature-women's clothing retailer recently listed on AIM, were given a boost Thursday after the chain said that total sales rose by 6.3% for the quarter ended December 28, 2013, as online sales surged by almost 60%. The UK clothi

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16 Jan 2014 08:21

UK MORNING BRIEFING: Shares Down; Sports Direct Ups Interest In Debenhams

LONDON (Alliance News) - UK shares have opened mostly lower Thursday despite a strong lead from the US, as investors digest a rush of UK company announcements.

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10 Jan 2014 15:35

Sector movers: Retail stocks boosted strong sales at John Lewis

General retail stocks were on shopping lists on Friday after strong results from High Street bellwether John Lewis and data showing a surge in online retail sales during December. According to the British Retail Consortium (BRC), overall retail sales rose at a year-on-year rate of 0.4% last month,

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20 Nov 2013 11:19

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