Much-discussed Superdry equity raise finally launches, COO exits
The company also confirmed reports that its COO, Silvana Bonello, is stepping down from her role.
Looking first at the fundraise, founder and CEO Julian Dunkerton
And scotching (for now) rumours that the CEO might have been planning to take the firm private, the company added that if his shareholding ends up equalling or exceeding 30% of the enlarged issued share capital immediately following the fundraising, Superdry “intends to seek a waiver of the obligations under Rule 9 of The City Code on Takeovers and Mergers that would ordinarily oblige [him] to make a general offer for the company”.
Alongside the new shares, Superdry is also launching a retail offer (known as the REX Retail Offer) of ordinary shares of 5p each for existing shareholders with a minimum subscription of £50 per investor. Brokers AJ Bell, Hargreaves Lansdown, Interactive Investor and Jarvis Management have confirmed that they’ll be taking part in the retail offer.
Superdry said it “values its retail shareholder base and believes that it is appropriate to provide its existing retail shareholders in the United Kingdom the opportunity to participate in the… offer via participating financial intermediaries”.
As to outgoing COO Silvana Bonello, she’s been with the business for two years and was previously VP Planning and Operations at Vans for a little over two years, having arrived from an 18-year+ stint at Nike in a series of senior roles.
No reason was given for her departure and there was no word on a replacment.