MELBOURNE: Mercury Brands has appointed a non-executive director to its board as part of an ongoing restructure.
Phillip Thomas, a top ten shareholder in the company, will join the board with key tasks across capital raising, marketing and raising the profile of Mercury Brands in the investment community. Thomas has over 25 years of experience in funds management, stockbroking and actuarial consulting industries.
Earlier this month, the wholesale company announced a 1:4 renounceable rights issue to existing shareholders in a bid to raise approximately $3,000,000.
In a statement to shareholders, Mercury Brands said preparations were being made to ensure the company was "well positioned" to move forward and grow under difficult times.
The company's wholesale portfolio spans across the children's, youth and contemporary categories with brands such as Milly, Billiecart, Nuggets, Two Paperdolls, Purr, Kangol, No Fear, Voodoo Dolls, Contempo, Itsu and iconic swimwear brand Rochford.