City Chic Collective Ltd (ASX: CCX) is raising $90 million for the potential acquisition of eCommerce assets of Catherines from the Ascena Retail Group, US plus sized fashion brand. Highlights include:
- CCX is raising $80 million through a fully underwritten Placement to fund the acquisition and give financial flexibility to fast-track growth worldwide
- A Share Purchase Plan will also be offered to shareholders to raise up to nearly $10 million
- FY20 sales revenue of $194.5 million was recorded representing 31% total sales growth and 0.4% comparative sales growth versus FY19
- Underlying EBITDA for FY20 stood at $26.5 million, net cash of $3.9 million and debt facility of $40 million maturing in March 2023
CCX securities were placed in a trading halt until trading starts on 28 July 2020.
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