Last checked at 28 May 2020 17:44
For Immediate Release | 28 May 2020 |
boohoo group plc
("boohoo" or "the Group")
Clarification Relating to Acquisition
boohoo (AIM: BOO), a leading online fashion group, notes that further to the announcement (RNS No: 1928O) of the Group's acquisition of the minority interest in PrettyLittleThing ("the Transaction"), boohoo makes the following clarification to the section of the announcement entitled "Transaction Process".
Umar Kamani and Paul Papworth are related parties as defined by the AIM Rules for Companies ("the AIM Rules") and the Transaction is therefore a related-party transaction for the purposes of Rule 13 of the AIM Rules.
The Independent Directors, being the Group's Executive Directors (Neil Catto and John Lyttle) and Non-Executive Directors (Brian Small, Iain McDonald and Pierre Cuilleret) consider, having consulted with Zeus Capital, the Group's nominated adviser, that the terms of the acquisition are fair and reasonable in so far as Group's shareholders are concerned.
All other details, including the disclosures under Schedule 4 of the AIM Rules, are included in the original notification.
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Enquiries |
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boohoo group plc |
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Neil Catto, Chief Financial Officer | Tel: +44 (0)161 233 2050 |
Alistair Davies, Investor Relations | Tel: +44 (0)161 233 2050 |
Clara Melia, Investor Relations | Tel: +44 (0)20 3289 5520 |
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Zeus Capital - Nominated adviser and joint broker |
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Nick Cowles/Andrew Jones (Corporate Finance) | Tel: +44 (0)161 831 1512 |
John Goold/Benjamin Robertson (Corporate Broking) | Tel: +44 (0)20 3829 5000 |
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Jefferies - Joint broker |
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Philip Noblet/Max Jones | Tel: +44 (0)20 7029 8000 |
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Buchanan - Financial PR adviser | boohoo@buchanan.uk.com |
Richard Oldworth/ Kim Looringh-van Beeck/Toto Berger | Tel: +44 (0)20 7466 5000 |
About boohoo group plc
"Leading the fashion eCommerce market"
Founded in Manchester in 2006, boohoo is an inclusive and innovative brand targeting young, value-orientated customers. Since 2006, boohoo has been pushing boundaries to bring its customers up-to-date and inspirational fashion, 24/7. boohoo has grown rapidly in the UK and internationally, expanding its offering with range extensions into menswear, through boohooMAN.
In early 2017 the group extended its customer offering through the acquisitions of the vibrant fashion brand PrettyLittleThing, and free-thinking brand Nasty Gal. In March 2019 the group acquired the MissPap brand and in August 2019, the Karen Millen and Coast brands, all complementary to the group's scalable multi-brand platform. United by a shared customer value proposition, our brands design, source, market and sell great quality clothes, shoes and accessories at unbeatable prices. These investment propositions have helped us grow from a single brand, into a major multi-brand online retailer, leading the fashion eCommerce market for 16 to 40-year-olds around the world. As at 29 February 2020, the boohoo group had around 14 million active customers across all its brands around the world.