RE: Longest spell4 Mar 2019 18:44
Further to the Company's announcements on 4 July 2018 and 19 July 2018, Koovs plc (AIM: KOOV) is pleased to announce that it has signed a subscription agreement with strategic partner Future Lifestyle Fashions Limited ("FLFL"), part of Future Group - India's largest retail group, for FLFL to take its current shareholding in Koovs from 16.25% up to a maximum of 29.99%.
Under existing shareholder authority and subject to the satisfaction of certain conditions, including the approval of Reserve Bank of India ("RBI"), FLFL have signed a subscription agreement to subscribe for between 63,300,000 and 69,850,000 new ordinary shares of 1p each in the capital of the Company ("Ordinary Shares") at a price of 15p per share, raising between £9.5m and £10.5m of cash (the "Subscription"). Once completed FLFL will own between 28.89% and 29.99% of the Company's enlarged issued share capital.