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Highlights:
Boohoo Group receives lender consent for its share issue to raise up to £39.3 million.
The fundraising is contingent on the placing agreement becoming unconditional and admission to the London Stock Exchange.
New shares will begin trading on the London Stock Exchange’s AIM market on 26 November 2024.
Boohoo Group (LSE:BOO) has received lender consent for its proposed share issue aimed at raising up to £39.3 million. The company’s fundraising, which follows the result of an oversubscribed placing and subscription, remains conditional upon the placing agreement becoming unconditional and the admission of the new shares to the London Stock Exchange’s AIM market. The company has applied for 126,908,442 new ordinary shares to be traded, with the new shares expected to begin trading on 26 November 2024, at 8:00 a.m.
This fundraising follows Boohoo Group’s announcement of a significant loss before tax of £147.3 million for the six months ending 31 August 2024. Despite the financial loss, the company has continued with its efforts to strengthen its position, including this fundraising initiative. In a statement accompanying the lender consent announcement, CEO Dan Finley emphasized that the successful conclusion of the fundraising process demonstrates the decisive steps taken since the business review was initiated. Finley also noted that the platform created by this completion will be key to driving the company’s future strategy and maximizing shareholder value.
Additionally, the company’s chair, Tim Morris, acknowledged the continued support from the banking syndicate, which has provided Boohoo with a solid foundation for future growth. The lender consent marks a critical step in the company’s financial restructuring and operational transformation efforts.
In a leadership update, Boohoo Group also promoted non-executive director Tim Morris to the role of independent chair, while co-founder and executive chairman Mahmud Kamani transitioned to the vice-chair role. This leadership change comes amid ongoing scrutiny, including calls from Frasers Group for Kamani to step down, reflecting the dynamic changes taking place at the company.
