Business
Gloucestershire brand Superdry delists from London Stock Exchange
Gloucestershire based fashion retailer Very dry updated the delisting of its shares and said the last day of trading would be Friday (July 12) and the delisting from the exchange would take effect at 8 a.m. on Monday (July 15).
The Cheltenham company, under pressure, last month received approval from its creditors, shareholders and the court for a recovery plan aimed at avoiding insolvency.
READ MORE: Superdry reorganizes and looks to the future
Boss Julian Dunkerton's restructuring plan received the support of 99% of creditors who attended and voted at plan meetings held on June 10 this year.
In a stock exchange statement, Superdry said its ordinary shares will be admitted to trading on stock matching platform JP Jenkins from July 15 this year.
JP Jenkins provides a securities matching venue for companies' unlisted or unlisted assets, enabling shareholders and potential investors to buy and sell shares on a bargain basis, the company said.
Last month it was reported that the court's approval of the restructuring plan would allow the group to implement the measures necessary to secure its long-term future and return to profitability.
Peter Sjlander, Chairman of Superdry, said: “This is an important moment for Superdry. My thanks and those of the entire Board go to Superdry’s shareholders and creditors who have supported the proposals, which will enable the business to move forward with the right structure, balance sheet and cost base to ensure its recovery and future growth.”
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