Bagir Group Ltd Trading Update and Directorate Change (7755L)
December 31 2018 - 2:00AM
UK Regulatory
TIDMBAGR
RNS Number : 7755L
Bagir Group Ltd
31 December 2018
31 December 2018
Bagir Group Limited
("Bagir" or the "Company")
Trading Update and Directorate Change
Bagir (AIM: BAGR), a designer, creator and provider of
innovative tailoring, announces that it is taking more time than
first envisaged for Shandong Ruyi to receive Chinese Government
approval for its proposed $16.5 million investment into the Company
in return for 359,560,310 New Ordinary Shares representing 53.7 per
cent of the Company's Enlarged Share Capital. As a consequence, the
Company has agreed a new unconditional completion date for the
transaction of 30 May 2019 by which time Shandong Ruyi will pay the
remaining cash payment of $13.2 million. All other conditions
relating to the transaction have been completed by Bagir.
Current Trading
The Board of Bagir is pleased to confirm that the Company is
trading in line with management expectations for the 12 months to
31 December 2018. As anticipated, trading in the second half has
been stronger compared to the first 6 months, with the Company
recording a profitable third and fourth quarter.
Directorate Change
Udi Cohen, Chief Financial Officer, has decided to leave the
Company from March 10, 2019, to pursue his other business
interests. Dotan Levy currently Group Financial Controller will
take on the role of acting Chief Financial Officer. Dotan will not
become a director of the Company at this time.
Chief Executive Officer, Eran Itzhak, said: "While both
ourselves and Shandong Ruyi would have preferred to have completed
the transaction earlier, both companies are committed to making
this partnership work. Shandong Ruyi remain confident the
transaction will be completed and the new completion date has been
set to provide ample time for all parties.
On behalf of the Board I would like thank Udi who has worked for
Bagir for 7 years and has been a highly valued colleague to all of
us and we wish him well in the future."
For further information please contact:
Bagir Group Limited via Novella on:
Eran Itzhak, Chief Executive Officer +44 (0) 20 3151
Udi Cohen, Chief Financial Officer 7008
Tessa Laws, Non-Executive Chairman
N+1 Singer (Nominated Adviser & Broker)
Mark Taylor +44 (0)20 7496
James Moat 3000
Novella Communications (Financial PR)
Tim Robertson +44 (0)20 3151
Toby Andrews 7008
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END
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