RE: SDRY - comments Stockopedia2 Feb 2024 11:05
Https://www.londonstockexchange.com/news-article/SDRY/superdry-plc-movement-in-share-price/16316587
Superdry plc (SDRY)
Superdry plc: Movement in Share Price
02-Feb-2024 / 10:55 GMT/BST
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION
THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.4 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE") AND DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE
THERE CAN BE NO CERTAINTY THAT AN OFFER WILL BE MADE, NOR AS TO THE TERMS ON WHICH ANY SUCH OFFER MAY BE MADE
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FOR IMMEDIATE RELEASE
2 February 2024
Superdry plc (“Superdry” or the “Company”)
Superdry notes the movement in its share price.
The Chairman of Superdry previously received a request from Julian Dunkerton, Chief Executive Officer, for permission to begin exploring the possibility of making an offer for the Company and to commence discussions with potential sources of finance. The Company formed an independent committee (the “Transaction Committee”) to consider the request. The Transaction Committee subsequently consented to the request, subject to certain agreed guidelines and procedures.
Julian Dunkerton has since confirmed to the Transaction Committee that he is engaged in discussions with potential financing partners (“Potential Sponsors”) for the purposes of considering options in respect of the Company, which may include a possible cash offer for the entire issued and to be issued share capital of the Company, not already owned by him. These discussions are at a preliminary stage and no decisions have been made.
The Transaction Committee has provided limited additional information to Julian Dunkerton and the Potential Sponsors to facilitate further exploration of a possible offer for the Company. There can be no certainty that an offer will be made, nor as to the terms on which any such offer might be made.
As announced on 29 January 2024 and in line with the Company’s turnaround strategy, the Company also continues to work with advisers to explore the feasibility of various material cost saving options. Whilst there is no certainty that any of these cost savings options will be progressed, they aim to build on the success of the cost saving initiatives carried out by the Company to date and position the business for long-term success.
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