RE: Tick, Tock1 Mar 2024 07:01
On 2 February 2024, Superdry (“Superdry” or the “Company”) announced that it had previously consented to Julian Dunkerton, Chief Executive Officer, exploring the possibility of making a cash offer for the issued and to be issued share capital of the Company not already owned by him and that he was engaged in discussions with Potential Sponsors.
In accordance with Rule 2.4(c) of the Code, Julian Dunkerton was required pursuant to Rule 2.6(a) of the Code, by not later than 5.00 p.m. on 1 March 2024 (the “relevant deadline”), to either (i) announce a firm intention to make an offer for Superdry in accordance with Rule 2.7 of the Code or (ii) announce that he does not intend to make an offer for Superdry.
Discussions with Julian Dunkerton and Potential Sponsors regarding a possible offer for the Company remain ongoing alongside the Company’s continued work on its turnaround plan, including its exploration of various material cost saving options, which is expected to be an important element of any such offer. In accordance with Rule 2.6(c) of the Code, the Company has requested, and the Takeover Panel has consented to, an extension of the relevant deadline to 5.00 p.m. on 29 March 2024. By this time Julian Dunkerton must either announce a firm intention to make an offer for Superdry in accordance with Rule 2.7 of the Code or announce that he does not intend to make an offer for Superdry, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This new deadline will only be extended with the consent of the Takeover Panel, in accordance with Rule 2.6(c) of the Code.
There can be no certainty that any offer for Superdry will be made.
A further announcement will be made as appropriate.
The Company remains in an “offer period” as defined in the Code. Accordingly, the dealing disclosure requirements listed below apply.
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