// Superdry looks to raise £12m via share sale
// The struggling retailer’s CEO has agreed to underwrite the equity raise in its entirety
Superdry has confirmed it is to sell £12m worth of shares in a bid to strengthen its balance sheet as it emerged that its COO has stepped down.
The struggling fashion retailer will issue 15.7m new ordinary shares at 76.3p each, equating to 19.1% of its equity.
Co-founder and chief executive Julian Dunkerton, who owns a 25% stake in the business, has agreed to underwrite the equity raise in its entirety.
Subscribe to Retail Gazette for free
Sign up here to get the latest news straight into your inbox each morning
The retailer said that should Dunkerton’s shareholding in the business equal or exceed 30% after the raise, it would “seek a waiver” of the obligations under the Takeover Code that would ordinarily oblige him to make a general offer for the company.
Alongside the equity raise, Superdry is also launching a retail offer of ordinary shares of 5p each.
AJ Bell, Hargreaves Lansdown, Interactive Investor and Jarvis Management have confirmed their participation in the retail offer.
The bookbuild is due to close at 5pm today led jointly by Peel Hunt and Liberum.
Meanwhile, Drapers reported that COO Silvana Bonello has stepped down from the fashion retailer. Bonello joined Superdry in March 2021 from footwear brand Vans.
Click here to sign up to Retail Gazette‘s free daily email newsletter
