Superdry will delist from the London Stock Exchange on Monday (15 July) as it begins work on its restructuring plan.
The fashion retailer received approval from its creditors, shareholders and the court last month for its turnaround programme, which it said means it will now avoid insolvency.
Superdry’s last day of trading on the main market is today and that it’s delisting as a public company will come into effect from 8am on Monday.
From then, the company’s shares will then be admitted to trading on the JP Jenkins securities matching platform.
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It said JP Jenkins provides securities matches for unlisted companies, “enabling shareholders and prospective investors to buy and sell shares on a matched bargain basis”.
Superdry said the provision of the facility will be kept under review by the board and “in determining whether to continue to offer a matched bargain facility, the Company shall consider expected and communicated shareholder demand for such a facility”.
Following the delisting, Peel Hunt will cease to be Superdry’s sponsor, financial adviser and corporate broker.
Last month, Superdry shareholders green lit the retailer’s plans for a £10m equity raise, which will be underwritten by founder Julian Dunkerton, and a delisting from the London Stock Exchange following the news it won the backing from creditors for its plans to impose rent reductions across 36 UK stores, 12 of which will switch to nil rent.
Superdry Chairman Peter Sjӧlander said at the time: “This is a crucial step towards delivering the restructuring of the business and ensuring that Superdry is in the best possible shape to complete its recovery and return to growth.”
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