17 Sep 2019 07:00
17 September 2019
Koovs plc
("Koovs" or the "Company")
Issue of Compulsory Convertible Preference Shares
for £0.25m at 28.36 pence per share
Koovs plc (AIM: KOOV), the Western fashion experts for online Indian consumers, is pleased to announce that following the Company's General Meeting held on 25 June 2019, and pursuant to the Company's announcement on 6 June 2019, £0.25m of funding has been received from FLFL in exchange for the issue of 881,523 Compulsory Convertible Preference Shares ("CCPS") at 28.36 pence per share. As announced on 6 June 2019, the CCPS will automatically convert into 881,523 new Ordinary Shares 12 months from the date of issue (or at an earlier date at the option of FLFL, or in certain circumstances, by the Company).
FLFL has committed to invest a total of £6,810,374.96 in exchange for the issue of 24,010,937 CCPS at 28.36 pence per CCPS and, as previously announced, the Company expects FLFL to subscribe for the remaining CCPS in various tranches in due course.
END
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