Oversubscribed Fundraise of £5.77 million
Sosandar is pleased to announce that it has raised gross proceeds of approximately £5.77 million via the Placing, Subscription and PrimaryBid Offer from existing and new investors at the Issue Price of 20 pence per share. The Placing and the PrimaryBid Offer were both substantially oversubscribed.
A total of 26,190,210 Placing Shares have been placed by Singer Capital Markets, raising gross proceeds of approximately £5.24 million. In addition, Andrew Booth a Non-Executive Director of the Company, has subscribed for 150,000 Subscription Shares, raising gross proceeds of £30,000. Concurrent with the Placing, certain investors have also subscribed for 2,500,000 PrimaryBid Shares, raising gross proceeds of £0.5 million. The Placing Shares, the Subscription Shares and the PrimaryBid Shares together represent approximately 15 per cent. of the existing issued share capital of the Company.
The net proceeds of the Placing will be used to further strengthen the working capital position and provide balance sheet flexibility to support growth initiatives.
Ali Hall and Julie Lavington, Co-CEOs of Sosandar plc, commented:
“We are delighted to have completed our successful fundraise, with both new and existing shareholders showing their support for the business and our growth plans. We are grateful for the strength of support shown by our existing shareholders and would like to welcome new investors to the Company.
Over the past twelve months we have demonstrated our agility by delivering increased sales, better cost efficiencies, increased engagement with customers and an expanded product range despite a very challenging and volatile market backdrop. It is clear that we have an offering that is resonating well with our customers and the desirability of our product range has been shown by being chosen to appear on the platforms of three major British retailers.
We see many opportunities for growth both on our own site and through retail partners in the coming months and beyond. The proceeds from the Placing will provide us with the balance sheet flexibility to enable us to capitalise on these opportunities.
As we look forward, we are excited and optimistic about the Group’s future prospects. With improved visibility alongside the loosening of restrictions we have seen an increase in sales across all key categories, in particular colourful dresses, tops and denim as customers prepare for a busy summer. As a pureplay ecommerce business, Sosandar is also well positioned to benefit from the accelerated adoption of shopping online. The scale of our opportunity has only increased over the past 12 months, and our recent financial performance reaffirms our belief that there is significant further demand for our products within our target market.”
Singer Capital Markets acted as agent on behalf of the Company in respect of the Placing and is acting as the Company’s Nominated Adviser and Broker.
About Sosandar plc
Sosandar is an online womenswear brand, specifically targeted at a generation of women who have graduated from throwaway fashion and are looking for quality, affordable clothing with a premium, trend-led aesthetic. This is a section of the market that is currently being underserved.
Sosandar was launched in September 2016. The Sosandar business model is built around using trend-led, exclusive designs produced in-house and then manufactured using a variety of global suppliers. Sosandar caters for a growing market of fashion-conscious women, while utilising an outsourced logistics provider that can support its planned growth over the coming years.
Sosandar’s founders are Ali Hall and Julie Lavington, who previously launched and ran high street fashion magazine Look, as editor and publishing director respectively. They have a combined experience of over 35 years in the fashion industry.
Market Cap: £51.96 million*
Website: Click here
*As at 01/06/2021