29 May 2019 07:00
29 May 2019
Koovs plc("Koovs" or the "Company")
Admission to trading of First Tranche of FLFL Subscription
for £10.48m at 15p per share
Further to Koovs' announcement on 24 May 2019, the Company confirms that it has received funds of £3,667,125.04 representing the first tranche of the binding funding agreement with Future Lifestyle Fashions Limited ("FLFL") (the "First Tranche") to subscribe for approximately £10.48 million at an average price of 15 pence per share.
As announced on 7 May 2019, FLFL have further conditionally subscribed for a second tranche of £6,810,374.96 for 24,010,937 Compulsorily Convertible Preference Shares ("CCPS") at the equivalent price of 28.36 pence per share. The issue of these CCPS (the "Second Tranche Shares") is conditional on shareholder approval, and the Company expects to shortly convene the necessary general meeting, to put the necessary resolutions to shareholders.
Assuming shareholder approval is received and the CCPS are issued, by no later than 12 months after such issue, the CCPS will automatically convert into 24,010,937 new Ordinary Shares. When combined with the subscription price paid for the First Tranche, the blended price paid by FLFL for the total investment of approximately £10.48 million will be 15 pence per share.
Admission to Trading and Total Voting Rights
The Company has made an application to the London Stock Exchange for the 45,839,063 new Ordinary Shares to be admitted to trading on AIM pursuant to the First Tranche. It is expected that admission will become effective on 30 May 2019 ("Admission").
Following Admission, the Company's enlarged issued share capital will comprise 401,939,356 Ordinary Shares with voting rights. The Company does not hold any shares in treasury, therefore the total number of Ordinary Shares in the Company with voting rights will be 401,939,356. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company.
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For further information please contact:
Koovs plc
Mary Turner / Robert Pursell
Tel: +44 (0) 20 7151 0170
Strand Hanson Limited (Nominated & Financial Adviser)
James Harris / Ritchie Balmer / Georgia Langoulant
Tel: +44 (0) 20 7409 3494
Whitman Howard Limited (Corporate Broker)
Nick Lovering (Corporate) / Mark Murphy (Institutional Sales)
Tel: +44 (0) 20 7659 1234
Media enquiries:
Newgate Communications
Adam Lloyd / Fiona Norman
Tel: +44 (0)20 3757 6880
E: koovs@newgatecomms.com
The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No.596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
Notes to Editors:
About Koovs
· Koovs is a UK business that has built KOOVS.COM into India's leading online western fashion destination. Koovs' fashion brands are designed and developed in London exclusively for the young Indian fashion market where two thirds of the population are under the age of 35. It has 2.7m online social followers
· The tremendous potential of the Indian fashion market has been further underlined by the Strategic Partnership with Future Lifestyle Fashions Limited (FLFL) which is part Future Group - one of India's leading retail businesses and one of the top 10 fashion apparel companies in the world
· Koovs' proprietary online technology platform powers KOOVS.COM and is a proven market-leading success in India's rapidly expanding e-commerce market. The capability and scalability of the platform has been recognised by FLFL which has contracted Koovs to build and maintain the online platform for its Brand Factory retail format. For more information, please visit www.koovs.com and follow us on Facebook, LinkedIn, Twitter @mykoovs and Instagram @koovsfashion.
About Future Group
Future Group is one of India's leading consumer, retail and services companies covering fashion, food and homewares. It owns over 60 brands, operates close to 2,000 retail stores spanning over 22 million square feet and attracts a footfall of over 500 million a year. Future Group sells in the region of 300 million garments a year, making it one of the top 10 fashion apparel companies in the world. Future Group also has one of India's most unique and rapidly-growing digital payment platforms, Future Pay, which has an active user base of over 6.5 million