Koovs plc ("Koovs" or the "Company") has announced the closing of the current round of capital raising (29 April to 30 June 2016), bringing the total capital raised during this round to £26.2 million. This is comprised of £23.2 million from a range of new and existing investors (including a further £1.0 million confirmed today), and a £3.0 million strategic investment by HT Media Limited.
Mary Turner, CEO of Koovs says, "We are delighted with the successful closing of this financing round, having secured strong support from international institutional investors and one of India’s largest and most well-respected media groups. The funds raised provide a strong financial platform from which to deliver our growth plans as we continue to focus on building the Koovs business to become India’s number one western fashion destination by 2020.”
The Company confirms today that it has raised gross proceeds of a further £1.0 million finalising an investment from an existing institutional investor through the issue of 4,000,000 New Ordinary Shares at a price of 25 pence per Ordinary Share. This issuance is the third and final tranche of shares to be issued under the Capital Raising which was announced on 29 April 2016 and which closes today ("Third Tranche"), ("Third Tranche Shares").
In line with the Company's strategy, the funds will be used for investment in marketing.
These Third Tranche Shares represent approximately 2.7 percent of the existing issued share capital of the Company. The Third Tranche is conditional upon Admission becoming effective. Application has been made for the Third Tranche Shares to be admitted to trading on AIM. Admission and dealings in the Third Tranche Shares is expected to take place at 8.00 a.m. on 5 July 2016.
Following Admission, the Company will have 149,683,691 Ordinary Shares in issue (there are currently no shares held in treasury). The New Ordinary Shares will rank pari passu in all respects with the existing Ordinary Shares. The total number of voting rights in the Company will therefore be 149,683,691.
