RE: Big news11 Mar 2024 13:33
From ITS sale of business RNS June last year. The IN THE STYLE brand lived on separate to the ITSarm listing. Adam and the investor moved to the business we have signed terms with to RTO.
In The Style Group plc (AIM:ITS) ("In The Style", the "Company" or, together with its subsidiary undertakings, the "Group"), the disruptive and inclusive digital womenswear fashion brand, today announces the completion of its strategic review and the conditional agreement to sell its only operating subsidiary, In The Style Fashion Limited ("ITSFL"), for a total cash consideration of £1.2 million (the "Sale").
Highlights:
· Completion of the Company's strategic review ("Strategic Review"), which concludes the offer period (as defined in The City Code on Takeovers and Mergers (the "Code")).
· During the Strategic Review, the Company's board of directors (the "Board" or the "Directors"), along with its financial adviser, Lincoln International LLP ("Lincoln"), reviewed several strategic options, including a potential sale of the Company. While the Company has had positive engagement with several potentially interested parties, some of the parties made proposals that were not deemed by the Board to be deliverable on an acceptable timescale. None of the proposals involved an offer for the whole Company.
· The Company, however, received a deliverable offer for ITSFL from Baaj Capital LLP ("Baaj"), a UK-based, private family office. This offer included a pre-condition that Adam Frisby agreed to take an equity position in ITS Holdings 2023 Limited ("Bidco"), a newly established company formed for the purposes of the Sale, equivalent to his current holding in the Company and to also become Chief Executive Officer of ITSFL on completion of the Sale ("Completion").