Superdry Announces Circular and Notice of General Meeting

Superdry plc has released a circular detailing its proposed equity raise and restructuring plans, which have been approved by the Financial Conduct Authority. The circular includes a notice for a General Meeting on June 14, 2024, where shareholders will vote on these measures. Shareholders will be asked to approve the equity raise, delisting, and share capital changes.

The restructuring plan, equity raise, and delisting are crucial to avoid insolvency and are interdependent. The board recommends voting in favor as a lack of approval could lead to the group's immediate entry into administration, likely resulting in the loss of shareholders' investment.

The company aims to stabilize its operations through structured cost-saving initiatives, including store closures and a streamlined retail strategy. CEO Julian Dunkerton supports these measures and plans to participate in the equity raise, ensuring necessary funds for the company's turnaround strategy.