His RFor the purposes of Note 2 on Rule 2.8 of the Code, Julian Dunkerton and any person(s) acting in concert with him reserve the right to make or participate in an offer for Superdry (and/or take any other actions which would otherwise be restricted under Rule 2.8 of the Code) within the next six months following the date of this announcement in the following circumstances:
i) with the agreement of the Transaction Committee;
(ii) following the announcement of a firm intention to make an offer for Superdry by or on behalf of a third party;
(iii) following the announcement by Superdry of a Rule 9 waiver proposal (as described in Note 1 of the Notes on Dispensations from Rule 9 of the Takeover Code) (excluding a Rule 9 waiver proposal by Julian Dunkerton) or a reverse takeover (as defined in the Code); or
(iv) where the Takeover Panel has determined that there has been a material change of circumstances.
NS
Although there must be a ball park number discussed
“…..concluded that a takeover offer from Julian Dunkerton for the Company is unlikely to deliver an outcome for shareholders, or stakeholders more broadly, that the Transaction Committee and Julian Dunkerton are confident can be executed in the context of the Company's ongoing work on its turnaround plan and material cost saving options.”
Reported everywhere tonight
Stockbroker AJ Bell gave a damning assessment of the current state of the business.
Russ Mould from AJ Bell said: “Investors finally had a chance to price in a barrage of bad news from Superdry which was released after the market close last Thursday. The share price slumped by 47% which implies disaster.
“Julian Dunkerton has withdrawn his attempt to take the troubled retailer private which means Superdry now faces the prospect of having to conduct a heavily discounted fundraising to stay alive, conditional on delisting the group from the stock market.
“It has secured additional borrowing facilities that come with a chunky interest rate but that’s only going to be a small plaster on a big wound – not enough to save the day.
“Investors now appear to be dumping the stock to get back anything they can, even if it means crystalising a loss. In the absence of someone else throwing their hat in the ring and trying to buy the business, we can probably wave goodbye to Superdry as a listed entity.”