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(Alliance News) - Sosandar PLC on Wednesday said it proposes a placing of new shares to raise a minimum GBP4 million, as well as a GBP500,000 retail offers to allow existing UK shareholders a chance to participate.
Shares in Sosandar plunged 14% to 22.77 pence each in London on Wednesday morning.
The Wilmslow, Cheshire, England-based women's clothing retailer said 18.2 million shares would be issued under the proposed placing at 22 pence per share, conducted via an accelerated bookbuild, while the separate retail offer will issue 2.3 million new shares.
It said the proceeds of the placing would be primarily used to "accelerate the execution of its omni-channel strategy through further investment in stock, enabling increased provision of Sosandar's product range in-store with third party partners including Sainsbury's from autumn-winter 2023 onwards."
The placing proceeds will also create further balance sheet headroom to fast track other growth opportunities and enable accelerated investment in its "proven" customer acquisition model, it added.
Sosandar said a separate announcement will be made shortly on the retail offer and its terms.
On Monday, the death of Non-Executive Chair Bill Murray over the weekend was announced. Sosandar said it will provide a further update in "due course".
By Greg Rosenvinge, Alliance News reporter
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