Noni B has revealed how it funded the $31 million acquisition of five brands from Speciality Fashion Group.
The acquisition included the assets and businesses of Millers, Katies, Crossroads, Autograph and Rivers.
In a statement released today, the group announced the completion of an institutional entitlement offer and placement of new shares which raised approximately $37.8 million for the group.
Eligible institutional shareholders took up 100% of their entitlements at a price of $2.50 per new share with a number of new institutional shareholders also taking up new shares with the group.
Noni B group chairman Richard Facioni said the group was pleased with the response to the acquisition from both existing and new shareholders.
“We are thrilled by the overwhelmingly positive response to Monday's announcement of the acquisition of the Speciality assets and the associated capital raising.
“We very much appreciate the support our existing shareholders have provided us in this transaction and welcome a number of new institutional shareholders to our register at this important step in the company's history.
“With the acquisition of the speciality assets, Noni B group will become one of the pre-eminent women's apparel retailers in Australia, whilst retaining our solid focussed market position.
“The scale this acquisition brings will further enhance the opportunity to continue to invest strategically in customer experience, our physical stores and online.”