// N Brown receives valid acceptances from shareholders under open offer entitlements in respect of 60,018,958 open offer shares
// The retail group secured the support of shareholders in its bid to raise £100 million in November
// It revealed a proposed placing and open offer through the issue of 174,666,053 new ordinary shares at an issue price of 57 pence each
N Brown has said it received valid acceptances from qualifying shareholders under their open offer entitlements in respect of 60,018,958 open offer shares – representing around 34 per cent – following a proposed placing and open offer.
The group, which owns Jacamo and Simply Be, secured the support of shareholders in its bid to raise £100 million in November.
It revealed a proposed placing and open offer through the issue of 174,666,053 new ordinary shares at an issue price of 57 pence each at the time.
READ MORE: Shareholders approve £100m equity raise for N Brown Group
This closed for acceptances on December 14, 2020.
In addition, the group received applications from independent shareholders under the Excess Application Facility in respect of 7,714,040 Open Offer Shares, representing approximately 4.4 per cent of the Open Offer Shares.
On aggregate, N Brown has received valid applications from qualifying shareholders in respect of 104,076,633 open offer shares.
As a result of the capital raising, it is expected that, subject to and upon admission, the Concert Party – defined as the substantial shareholder, Nigel Alliance, Joshua Alliance and other persons – will hold 241,475,491 ordinary shares, representing approximately 52 per cent of the enlarged share capital.
“Securing the support of our shareholders, alongside the significant commitment made by the Alliance family, leaves us well placed to accelerate our strategic ambitions,” N Brown chief executive Steve Johnson said.
“While we are mindful of the ongoing uncertainty of the UK retail environment, we are confident we can continue to build on the unique strength of the group’s brands and remain focused on creating a sustainable business delivering profitable growth over the long term.”
The joint sponsor and lead financial adviser to N Brown was Rothschild & Co, while Jefferies acted as global co-ordinator, joint sponsor, joint financial adviser and joint corporate broker.
Shore Capital was the proposed nominated adviser and joint corporate broker, while MHP Communications was the financial PR adviser.
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