RNS Number : 2880C
14 March 2014
For Immediate Release
14 March 2014
("boohoo" or the "Company")
First Day of Dealings on AIM following £300m placing
Dealings commence at 8am, 14 March 2014
boohoo, one of the UK's largest pure-play online, own brand fashion retailers, is pleased to announce that Admission and dealings in its Ordinary Shares commence at 08:00am today on the AIM market of the London Stock Exchange. Following Admission, dealings will commence under the TIDM code BOO and its ISIN number is JE00BG6L7297.
The Company designs, sources, markets and sells the latest on-trend fashions through the www.boohoo.com website to a core market of 16-24 year old consumers. boohoo is a well-established brand in the UK, Ireland and Australia and currently sells its products into over 100 countries.
· £300 million was raised via the placing of 600 million ordinary shares with institutional and other investors at a placing price of 50 pence per ordinary share (the 'Placing').
· Boohoo's market capitalisation on Admission, based on the Placing price, is approximately £560 million.
· The £50 million proceeds for the Company will be used to accelerate its expansion and enhance its working capital base. A proportion of the money raised will be used as part of a multi-stage development plan to grow the Company's distribution facilities and repay the outstanding mortgage on its Burnley warehouse, in addition to funding the infrastructure and IT systems to support future international growth. Approximately £240 million will be used to repay the Convertible Loan notes held by the Company's existing shareholders.
· Zeus Capital is acting as Nominated Advisor and Sole Broker to the Company.
The Company's Admission Document can be found at: www.boohooplc.com
Commenting on the announcement, Mahmud Kamani and Carol Kane, Joint Chief Executives of boohoo, said:
"The IPO of boohoo.com marks an exciting milestone in the Company's development and will support us in our continued ambition to provide high quality, fast fashion at affordable prices for our fashion conscious customers around the world.
We view the support from investors as a strong endorsement of the Company's growth plans and we look forward to creating value for our new shareholders as we begin life as a Public Company."
Mahmud Kamani, Joint Chief Executive
Carol Kane, Joint Chief Executive
Neil Catto, Chief Financial Officer
Benjamin Robertson, Investor Relations
c/o Buchanan +44 (0)20 7466 5000
+44 (0)7768 511 056
Buchanan - Financial PR adviser
+44 (0)20 7466 5000
Zeus Capital - Nominated adviser and broker
Tel: +44 (0)161 831 1512
Tel: +44 (0)20 7533 7727
Photographs are available from Buchanan. To arrange to receive soft copies, please contact +44 (0)20 7466 5000 or email@example.com
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