1 Mar 2017 07:00
InnovaDerma PLC
("InnovaDerma", the "Company" or the "Group")
Completion of Stevie K and Charles + Lee Acquisitions
InnovaDerma (LSE: IDP), a UK developer of 'at-home' and clinically proven treatments for hair loss, hair care, self-tanning and skin rejuvenation, is pleased to announce it has completed the acquisitions of the Intellectual Property and Assets of the 'Stevie K' and 'Charles + Lee' brands from Stevie K Cosmetics Pty Ltd and Charles + Lee Pty Ltd (the "Vendors") announced on 27 February 2016. Stevie K is an Australian made line of cosmetics and Charles + Lee is a range of men's skincare (the "Acquisitions").
Kate Fissenden, the founder of Stevie K and Charles + Lee brands, has been appointed a General Manager in the Group, responsible for the growth and development of both brands. The minimum term of Kate's employment contract with the Group is three years.
The purchase price for the Acquisitions was AUS$50,000 (the "Purchase Price") and no debt or liabilities were assumed by the Company.
The Vendors now have the option to convert the Purchase Price into ordinary shares of InnovaDerma within 14 days (the "Option"). If the Vendors exercise the Option, it will be satisfied by the issuance of approximately 39,700 ordinary shares in InnovaDerma (the exact number of shares will be calculated based on the average market price of the shares).
Further enquiries:
InnovaDerma Haris Chaudhry/Joe Bayer |
+61 (0)3 9111 0071 |
Sole broker Hybridan LLP Claire Noyce |
+44 (0)203 764 2341 |
Cardew Group Shan Shan Willenbrock David Roach Emma Ruttle |
+ 44 (0)20 7930 0777 |
About InnovaDerma:
InnovaDerma PLC (LSE: IDP) specializes in the research, manufacture and marketing of clinically proven products in life sciences, beauty and personal care products. InnovaDerma has presence in the UK, US, Australia, New Zealand, Philippines, South Africa, Hong Kong and South Korea.
www.innovaderma.com
About Stevie K and Charles + Lee
· Stevie K is an award winning, mid-premium priced, bold range of cosmetics with strong branding and eye-catching packaging targeted at the irreverent individual in the Millennial and Generation Zero market. Founded in 2016, the brand is positioned as Australian made, cruelty free, high quality and edgy. Stevie K deliberately avoids conventional marketing channels and has strong association within the beauty and lifestyle digital platforms. It is well-suited for social media with its extensive range of striking colours and unconventional style. Announced twice as the "Best New Aussie Beauty Brand" by national print and digital media, Stevie K is currently sold online in Australia, the UK, and New Zealand. http://www.steviekcosmetics.com/
· Charles + Lee is an affordable alternative premium range of men's skincare, marketed as an effective and understated brand, containing natural and organic ingredients. It is cruelty free and has been certified by the Roundtable on Sustainable Palm Oil Association. The products are Australian made, currently sold online at the brand's own website and online at Urban Outfitters in Australia, New Zealand, the US, and Canada. http://charlesandlee.com/