N Brown Group PLC - Manchester-based digital-only retailer of clothing and footwear - Shareholders take up 34% of the open offer portion of GBP100 million equity raise at 57 pence per share. Substantial shareholder David Allliance, his son Joshua Alliance and others had agreed not to take part in the open offer, so the acceptances represent 62% of independent shareholders. The Alliance family and others connected to them hold 52% of the enlarge share capital. N Brown plans now to move its listing to AIM from the London Main Market, expecting that to be effective on December 23.
"Securing the support of our shareholders, alongside the significant commitment made by the Alliance family, leaves us well placed to accelerate our strategic ambitions," says Chief Executive Officer Steve Johnson. "Whilst we are mindful of the ongoing uncertainty of the UK retail environment, we are confident we can continue to build on the unique strength of the Ggroup's brands and remain focused on creating a sustainable business delivering profitable growth over the long term."
Current stock price: 62.00p
Year-to-date change: down 61%
By Tom Waite; thomaslwaite@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Brown Group (BWNG)