DJ Superdry plc: Restructuring Plan - Results of meetings of the Plan Creditors
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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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 Sj?lander, 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 Julian Dunkerton) 44 (0) 121 600 5252
John Byrne
Charles Fenwick
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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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June 11, 2024 11:03 ET (15:03 GMT)
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