10 October 2018

 

Sosandar plc – Placing to raise £3.0 million

 

Sosandar PLC (AIM: SOS), the online women’s fashion brand, is pleased to announce that it has raised £3.0 million (gross) through a placing arranged by Shore Capital of 9,375,000 new ordinary shares (the “Placing Shares”) of 0.1p each in the capital of the Company (“Ordinary Shares”) with institutional investors at a price of 32 pence per Placing Share (the “Placing Price”) (the “Placing”).

 

Background to and reasons for the Placing

 

Sosandar was admitted to trading on AIM in November 2017 alongside a placing of new Ordinary Shares at 15.1 pence per Ordinary Share which raised £5.3 million (gross) for the Company. Since that time, the Board believes that the Company has traded strongly and is successfully executing on its stated strategy, which is reflected in the Company’s share price performance in recent months.

 

Accordingly, in order to further drive the Company’s development, the Company is undertaking the Placing. The net proceeds of the Placing will be used to support the Company’s ongoing growth plans for the business and the execution of its stated strategy. The Placing will also help satisfy institutional demand for the Company’s Ordinary Shares.

 

Further details of the Placing

 

The Placing is subject, inter alia, to admission of the Placing Shares (“Admission”) to trading on the AIM market (“AIM”) of London Stock Exchange plc (“London Stock Exchange”), which is expected to occur at 8.00 a.m. on 15 October 2018. Application will be made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM. The Placing Shares will, when issued, rank pari passu in all respects with the Company’s existing Ordinary Shares.

 

In connection with the Placing, Shore Capital and the Company have entered into a placing agreement pursuant to which Shore Capital has agreed conditionally to use its reasonable endeavours to place the Placing Shares at the Placing Price. The Placing (which is not underwritten) is conditional, inter alia, on the Placing Agreement becoming unconditional in all respects and not having been terminated in accordance with its terms and on Admission.

 

Following Admission of the Placing Shares, the Company’s enlarged issued share capital will comprise 116,189,658 Ordinary Shares. The Company has no shares in treasury. This figure of 116,189,658 Ordinary Shares should be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change of their interest in, the share capital of the Company under the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority (“FCA”).

 

Ali Hall and Julie Lavington, Co-CEOs, commented:

 

“We are delighted to announce that we have successfully raised £3 million following strong institutional investor interest in the Company. The Placing Price is at a very significant premium to our IPO in November 2017 which we believe reflects the significant ongoing progress of the Company and its future prospects. The Company is well positioned to continue its growth and we look forward to the future with confidence.”

 

Enquiries

Shore Capital

Mark Percy/ Patrick Castle/ James Thomas 

 

About Sosandar PLC

 

Sosandar is an online womenswear brand, specifically targeted at a generation of women who have graduated from throwaway fashion and are looking for quality, affordable clothing with a premium, trend-led aesthetic. This is a section of the market that is currently being underserved.

Sosandar was launched in September 2016. The Sosandar business model is built around using trend-led, exclusive designs produced in-house and then manufactured using a variety of global suppliers. Sosandar caters for a growing market of fashion conscious women, while utilising an outsourced logistics provider that can support its planned growth over the coming years.

Sosandar’s founders are Ali Hall and Julie Lavington, who previously launched and ran high street fashion magazine Look, as editor and publishing director respectively. They have a combined experience of over 35 years in the fashion industry, including in the design, manufacture and sale of fashion ranges for some of the UK’s high street retailers, including Debenhams, Office, Oasis and JD Williams.

More information is available at www.sosandar-ir.com

 

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