Koovs PLC 1st Tranche of FLFL Subscription for £10.48m @ 15p (3905A)
May 29 2019 - 2:00AM
UK Regulatory
TIDMKOOV
RNS Number : 3905A
Koovs PLC
29 May 2019
29 May 2019
Koovs plc
("Koovs" or the "Company")
Admission to trading of First Tranche of FLFL Subscription
for GBP10.48m at 15p per share
Further to Koovs' announcement on 24 May 2019, the Company
confirms that it has received funds of GBP3,667,125.04 representing
the first tranche of the binding funding agreement with Future
Lifestyle Fashions Limited ("FLFL") (the "First Tranche") to
subscribe for approximately GBP10.48 million at an average price of
15 pence per share.
As announced on 7 May 2019, FLFL have further conditionally
subscribed for a second tranche of GBP6,810,374.96 for 24,010,937
Compulsorily Convertible Preference Shares ("CCPS") at the
equivalent price of 28.36 pence per share. The issue of these CCPS
(the "Second Tranche Shares") is conditional on shareholder
approval, and the Company expects to shortly convene the necessary
general meeting, to put the necessary resolutions to
shareholders.
Assuming shareholder approval is received and the CCPS are
issued, by no later than 12 months after such issue, the CCPS will
automatically convert into 24,010,937 new Ordinary Shares. When
combined with the subscription price paid for the First Tranche,
the blended price paid by FLFL for the total investment of
approximately GBP10.48 million will be 15 pence per share.
Admission to Trading and Total Voting Rights
The Company has made an application to the London Stock Exchange
for the 45,839,063 new Ordinary Shares to be admitted to trading on
AIM pursuant to the First Tranche. It is expected that admission
will become effective on 30 May 2019 ("Admission").
Following Admission, the Company's enlarged issued share capital
will comprise 401,939,356 Ordinary Shares with voting rights. The
Company does not hold any shares in treasury, therefore the total
number of Ordinary Shares in the Company with voting rights will be
401,939,356. This figure may be used by shareholders in the Company
as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a
change in their interest in, the share capital of the Company.
END
For further information please contact:
Koovs plc
Mary Turner / Robert Pursell
Tel: +44 (0) 20 7151 0170
Strand Hanson Limited (Nominated & Financial Adviser)
James Harris / Ritchie Balmer / Georgia Langoulant
Tel: +44 (0) 20 7409 3494
Whitman Howard Limited (Corporate Broker)
Nick Lovering (Corporate) / Mark Murphy (Institutional
Sales)
Tel: +44 (0) 20 7659 1234
Media enquiries:
Newgate Communications
Adam Lloyd / Fiona Norman
Tel: +44 (0)20 3757 6880
E: koovs@newgatecomms.com
The information contained within this announcement is considered
to be inside information prior to its release, as defined in
Article 7 of the Market Abuse Regulation No.596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
Notes to Editors:
About Koovs
-- Koovs is a UK business that has built KOOVS.COM into India's
leading online western fashion destination. Koovs' fashion brands
are designed and developed in London exclusively for the young
Indian fashion market where two thirds of the population are under
the age of 35. It has 2.7m online social followers
-- The tremendous potential of the Indian fashion market has
been further underlined by the Strategic Partnership with Future
Lifestyle Fashions Limited (FLFL) which is part Future Group - one
of India's leading retail businesses and one of the top 10 fashion
apparel companies in the world
-- Koovs' proprietary online technology platform powers
KOOVS.COM and is a proven market-leading success in India's rapidly
expanding e-commerce market. The capability and scalability of the
platform has been recognised by FLFL which has contracted Koovs to
build and maintain the online platform for its Brand Factory retail
format. For more information, please visit www.koovs.com and follow
us on Facebook, LinkedIn, Twitter @mykoovs and Instagram
@koovsfashion.
About Future Group
Future Group is one of India's leading consumer, retail and
services companies covering fashion, food and homewares. It owns
over 60 brands, operates close to 2,000 retail stores spanning over
22 million square feet and attracts a footfall of over 500 million
a year. Future Group sells in the region of 300 million garments a
year, making it one of the top 10 fashion apparel companies in the
world. Future Group also has one of India's most unique and
rapidly-growing digital payment platforms, Future Pay, which has an
active user base of over 6.5 million
This information is provided by RNS, the news service of the
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Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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