Superdry shareholders have voted in favour of its restructuring plan, following its approval by creditors earlier this week.
Shareholders have approved the brand’s plans for a £10 million equity raise and a delisting from the London Stock Exchange, meaning the business will now avoid insolvency.
With all resolutions put to the meeting approved, the plan hopes to provide “greater comfort that the company will have sufficient liquidity headroom to implement its turnaround plan, particularly taking into account the ongoing challenging economic environment, compared to the £6.9 million gross proceeds from the open offer”.
Peter Sjӧlander, Chairman of Superdry, said: “I am pleased that our shareholders have supported the proposed equity raise and would like to thank those shareholders who voted in favour of the proposals before them today. This is a crucial step towards delivering the restructuring of the business and ensuring that Superdry is in the best possible shape to complete its recovery and return to growth.”
It comes after creditors voted in favour of Superdry’s restructuring plan, which also includes rent reductions across 39 UK stores.
The restructuring plan, together with the equity raise and delisting, forms part of a key package of measures that are needed to “avoid the company entering into insolvency”, and will allow the British brand to “return to a more stable footing, accelerate its turnaround plan and drive it towards a viable and sustainable future”.
Now the resolutions are passed, the High Court will be asked to sanction the restructuring plan at a hearing on 17 June.
Julian Dunkerton, Founder and CEO of Superdry, said: “I am extremely grateful for the support shown today from our shareholders, and earlier this week from our creditors. This is a crucial next step in our journey, and reflects a turning point for the business, which – pending court approval for our restructuring plan next week – means Superdry will avoid insolvency.
“I recognise all stakeholders have made deep compromises to enable this turn around, and I will be putting a significant amount of my own money behind this too, to ensure that the business continues to survive over the long term. With the court hearing next week, I continue to look forward to a positive future for Superdry.”
