Sosandar PLC - Cheshire, England-based online women's fashion brand - Says it has conditionally raised gross proceeds of approximately GBP5.8 million via the placing, subscription and PrimaryBid offer from existing and new investors at an issue price of 20 pence per share. The placing and the PrimaryBid offer were both substantially oversubscribed, it adds.
In addition, Non-Executive Director Andrew Booth has subscribed for 150,000 subscription shares, raising gross proceeds of GBP30,000. Further, certain investors have also subscribed for 2.5 million PrimaryBid Shares, raising gross proceeds of GBP500,000, company says.
Ali Hall and Julie Lavington, Co-CEOs, commented: "As we look forward, we are excited and optimistic about the group's future prospects. With improved visibility alongside the loosening of restrictions we have seen an increase in sales across all key categories, in particular colourful dresses, tops and denim as customers prepare for a busy summer.
"As a pureplay ecommerce business, Sosandar is also well positioned to benefit from the accelerated adoption of shopping online. The scale of our opportunity has only increased over the past 12 months, and our recent financial performance reaffirms our belief that there is significant further demand for our products within our target market."
Current stock price: 23.50p
Year-to-date change: up 40%
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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Sosandar (SOS)