REG-Superdry plc Superdry plc: Restructuring Plan – Results of meetings of the Plan Creditors

SuperdryAnnouncement

11/06/2024 16:15

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   Superdry plc (SDRY)
   Superdry plc: Restructuring Plan – Results of meetings of the Plan
   Creditors

   11-Jun-2024 / 16:02 GMT/BST

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   DIRECTLY OR INDIRECTLY, IN OR INTO ANY JURISDICTION WHERE TO DO SO WOULD
   CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH
   JURISDICTION.

   NOTHING IN THIS ANNOUNCEMENT SHALL CONSTITUTE OR FORM A PART OF ANY OFFER,
   INVITATION OR RECOMMENDATION TO PURCHASE, SELL OR SUBSCRIBE FOR ANY
   SECURITIES IN ANY JURISDICTION.  NOTHING IN THIS ANNOUNCEMENT SHOULD BE
   INTERPRETED AS A TERM OR CONDITION OF THE EQUITY RAISE.  NOTHING CONTAINED
   IN THIS ANNOUNCEMENT SHALL FORM THE BASIS OF, OR BE RELIED UPON IN
   CONNECTION WITH, OR ACT AS AN INDUCEMENT TO ENTER INTO, ANY INVESTMENT
   ACTIVITY. ANY DECISION TO PURCHASE, SUBSCRIBE FOR OR OTHERWISE ACQUIRE, OR
   TO SELL OR OTHERWISE DISPOSE OF, ANY SECURITIES MENTIONED IN THIS
   ANNOUNCEMENT MUST BE MADE ONLY ON THE BASIS OF THE INFORMATION CONTAINED
   IN AND INCORPORATED BY REFERENCE INTO THE CIRCULAR. PLEASE SEE THE
   IMPORTANT NOTICES AT THE END OF THIS ANNOUNCEMENT.

   Unless otherwise stated, defined terms used in this announcement have the
   meanings given to them in the Circular published by the Company on 21 May
   2024 (the “Circular”).

    

   11 June 2024

                                  Superdry plc

                         (“Superdry” or the “Company”)

                                        

         Restructuring Plan – Results of meetings of the Plan Creditors

   On 16 April 2024 the Company announced that C-Retail Limited (the “Plan
   Company”), a wholly-owned subsidiary of the Company, had launched a
   restructuring plan pursuant to Part 26A of the Companies Act 2006, which
   will affect certain of the Plan Company’s creditors (the “Plan Creditors”)
   in order to implement a restructuring of the Plan Company’s UK property
   estate and retail cost base (the “Restructuring Plan”).

   The Restructuring Plan is, along with the Equity Raise and the Delisting,
   part of the Capital and Restructuring Measures being undertaken by the
   Group. Each element of this package is inter-conditional upon the others,
   such that the package as a whole requires each of the Restructuring Plan,
   the Equity Raise and the Delisting to be approved.

   Meetings of each of the thirteen classes of the Plan Creditors to vote on
   the Restructuring Plan were held on 10 June 2024 (the “Plan Meetings”).

   The Company is pleased to announce that there was a high level of turnout
   at the Plan Meetings and 99% by value of the Plan Creditors which attended
   the Plan Meetings (in person or by proxy) voted in favour of the measures
   proposed in the Restructuring Plan.

   The Company is grateful for the support shown by the Plan Creditors at the
   Plan Meetings. This will allow the Plan Company to continue with the next
   step in the Capital and Restructuring Measures which is the Shareholders’
   vote on the Resolutions to approve the Equity Raise, the Delisting,
   certain articles and share capital changes and the Rule 9 Waiver and
   Related Party Transaction to be proposed at the General Meeting to be held
   at Unit 60 The Runnings, Cheltenham, Gloucestershire, GL51 9NW on 14 June
   2024 at 9.00 a.m. The Board unanimously recommends that Shareholders vote
   in favour of the Resolutions.

   If the Resolutions are passed, the Plan Company will ask the High Court to
   sanction the Restructuring Plan at a hearing to commence on 17 June 2024.

   The Restructuring Plan is, together with the Equity Raise and Delisting,
   part of a key package of measures that are needed to avoid the Company and
   the Plan Company entering into insolvency, and will allow Superdry to
   return to a more stable footing, accelerate its turnaround plan and drive
   it towards a viable and sustainable future. The background to, and reasons
   for, the Capital and Restructuring Measures are set out in the
   announcement made by the Company on 21 May 2024.

   Commenting on the result of the Plan Creditors meeting, Gavin Maher,
   Senior Managing Director at Teneo, said “Having 99% of those creditors
   that voted being in favour means that the Plan Company has achieved an
   important milestone in securing creditor support for the Restructuring
   Plan.”

    

   Enquiries

   Superdry

   Peter Sjӧlander, Chairman                               44 (0) 1242 586747

    
   Teneo Financial Advisory Limited (Financial Adviser to
   the Plan Company)

   Gavin Maher                                            44 (0) 208 052 2345

   Jonathan Lees

    
   Peel Hunt LLP (Sole  Sponsor and Financial Adviser  to
   Superdry)

   George Sellar                                          44 (0) 207 418 8900

   Michael Nicholson                                       

   Andrew Clark

    
   Brunswick Group LLP (Financial PR to Superdry)
                                                          44 (0) 207 404 5959
   Tim Danaher
                                                                             
   N. M. Rothschild & Sons Limited (Financial Adviser  to 44 (0) 121 600 5252
   Julian Dunkerton)
   John Byrne                                                                
   Charles Fenwick                                                           

    

    

    

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   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   ISIN:           GB00B60BD277
   Category Code:  MSCH
   TIDM:           SDRY
   LEI Code:       213800GAQMT2WL7BW361
   OAM Categories: 3.1. Additional regulated information required to be
                   disclosed under the laws of a Member State
   Sequence No.:   327294
   EQS News ID:    1922887


    
   End of Announcement EQS News Service

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