Superdry plc
Publication of Circular and Notice of General Meeting
- Superdry plc has published a circular regarding the sale of its intellectual property assets in South Asia.
- The sale of the South Asian IP is valued at £40 million.
- Completion of the transaction is conditional upon shareholder and lender approval.
Superdry plc 20 October 2023 |
Superdry Plc
(“Superdry” or the “Company”)
Publication of Circular and Notice of General Meeting
On 4 October 2023, Superdry announced that it had signed an IP joint venture agreement with Reliance Brands Holding UK Ltd, and agreements for the sale of Superdry’s intellectual property assets, including the SUPERDRY brand and related trademarks (together, the “South Asian IP”) in India, Sri Lanka, and Bangladesh to the joint venture vehicle (the “Proposed Disposal”, and together with the joint venture, the “Transaction”). The consideration for the sale of the South Asian IP is £40 million (£30.4 million gross cash proceeds; £28.3 million net of transaction costs and taxation).
The Company is pleased to announce that a circular regarding the Transaction (the “Circular”) has been published today, having been approved by the Financial Conduct Authority (the “FCA”). The Circular will be sent to the Company's shareholders (other than those who have elected for notification by website notification only) shortly.
The Transaction constitutes a Class 1 transaction for Superdry under the FCA’s Listing Rules and completion of the Transaction (“Completion”) is conditional upon the approval of Superdry’s shareholders at a general meeting of the Company and the approval of Superdry’s lenders. Accordingly, the Circular contains a notice convening a general meeting of the Company, which is to be held at Unit 60, The Runnings, Cheltenham GL51 9NW on 8 November 2023 at 10:00 a.m. (the “General Meeting”) at which an ordinary resolution will be proposed for Superdry’s shareholders to approve the Transaction.