24 May 2021
Sosandar (LON: SOS), the AIM quoted online women's fashion brand, is pleased to announce, a conditional offer for subscription via PrimaryBid (the "PrimaryBid Offer") of up to 2,500,000 new ordinary shares of 0.1 pence each in the Company ("New Ordinary Shares") at an issue price of 20 pence per New Ordinary Share (the "Issue Price"), to raise gross proceeds of up to £0.5 million.
The Company is also conducting a placing of new Ordinary Shares at the Issue Price by way of an accelerated bookbuilding process (the "Placing") as announced earlier today. In addition to this, one of the Company's directors intends to subscribe for 150,000 new Ordinary Shares (the "Subscription Shares") on equivalent terms and conditions and at the same Issue Price as participants in the Placing (the "Subscription").
The PrimaryBid Offer, the Placing and the Subscription are conditional on the new Ordinary Shares to be issued pursuant to the PrimaryBid Offer, the Placing and the Subscription being admitted to trading on the AIM market of London Stock Exchange plc ("Admission"). Admission is expected to take place at 8.00 a.m. on 28 May 2021. The PrimaryBid Offer will not be completed without the Placing also being completed.
The Company will use the net proceeds of the Placing, the Subscription and the PrimaryBid Offer to:
- capitalise on the growth opportunity with its third party retail partners where currently on average only nine per cent. of Sosandar's total product range is available for sale. In particular, focus will be on investing in stock from the Autumn / Winter 2021 season onwards, including increasing both the number of styles and the number of units per style to be sold through the third party partner websites;
- provide additional funding to engage with other third party partners in the UK and internationally; and
- provide additional working capital and further balance sheet flexibility to support other incremental growth initiatives.
The Company values its retail investor base and is therefore pleased to provide private and other investors with the opportunity to participate in the PrimaryBid Offer by applying exclusively through the PrimaryBid mobile app available on the Apple App Store and Google Play. PrimaryBid does not charge investors any commission for this service.
The PrimaryBid Offer, via the PrimaryBid mobile app, will be open to individual and institutional investors following the release of this announcement. The PrimaryBid Offer will close on completion of the bookbuilding process. The PrimaryBid Offer may close early if it is oversubscribed.
The Company reserves the right to scale back any order at its discretion. The Company and PrimaryBid reserve the right to reject any application for subscription under the PrimaryBid Offer without giving any reason for such rejection.
No commission is charged to investors on applications to participate in the PrimaryBid Offer made through PrimaryBid. It is vital to note that once an application for New Ordinary Shares has been made and accepted via PrimaryBid, an application cannot be withdrawn.
The New Ordinary Shares will be issued credited as fully paid up in cash and free from all encumbrances, and will, when issued and fully paid, rank pari passu in all respects with the existing issued ordinary shares in the capital of the Company, including the right to receive all dividends and other distributions declared, made or paid in respect of such ordinary shares after the date of issue.
Julie Lavington / Ali Hall, Joint CEOs
Steve Dilks, CFO
c/o Alma PR
Fahim Chowdhury / James Deal
N+1 Singer, Nominated Advisor
Peter Steel / Kailey Aliyar / Hannah Woodley
+44 (0) 20 7496 3000
Alma PR Limited (Financial PR)
Susie Hudson / Sam Modlin / Molly Gretton
+44 (0) 20 3405 0205 [email protected]
Details of the PrimaryBid Offer
The Company highly values its retail investor base which has supported the Company alongside institutional investors over several years. Given the longstanding support of retail shareholders, the Company believes that it is appropriate to provide retail and other interested investors with the opportunity to participate in the PrimaryBid Offer. The Company is therefore making the PrimaryBid Offer available exclusively through the PrimaryBid mobile app available on the Apple App Store and Google Play.
The PrimaryBid Offer is exempt from the need for a prospectus under the Prospectus Regulation Rules published by the Financial Conduct Authority. As such, there is no need for publication of a prospectus pursuant to the Prospectus Regulation Rules, or for approval of the same by the Financial Conduct Authority in its capacity as the UK Listing Authority. The PrimaryBid Offer is not being made into the United States, Canada, Australia, New Zealand, the Republic of South Africa, the Republic of Ireland or Japan, or any other jurisdiction where it would be unlawful to do so.
This announcement is not for publication or distribution, directly or indirectly, in, into or from the United States of America. This announcement is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering is being made in the United States.
There is a minimum subscription of £100 per investor under the terms of the PrimaryBid Offer which is open to existing shareholders and other investors subscribing via the PrimaryBid mobile app.
For further details please refer to the PrimaryBid website at www.PrimaryBid.com. The terms and conditions on which the PrimaryBid Offer is made, including the procedure for application and payment for New Ordinary Shares, is available to all persons who register with PrimaryBid.
Investors should make their own investigations into the merits of an investment in the Company. Nothing in this announcement amounts to a recommendation to invest in the Company or amounts to investment, taxation or legal advice.
It should be noted that a subscription for New Ordinary Shares and investment in the Company carries a number of risks. Investors should consider the risk factors set out on PrimaryBid.com before making a decision to subscribe for New Ordinary Shares. Investors should take independent advice from a person experienced in advising on investment in securities such as the New Ordinary Shares if they are in any doubt.