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Destination Maternity signs agreement with Voce Capital
29
Nov '14
Maternity apparel retailer, Destination Maternity said it has entered in to an agreement with Voce Capital Management.

Alongside, the retailer also appointed Daniel Plants, managing partner of Voce Capital to its board of directors.

Under the agreement, Voce Capital has agreed, among other things, to vote all of its shares in favour of each of the Board's nominees at the company's 2015 annual meeting of shareholders.

In addition, Voce Capital has agreed to certain other customary standstill provisions.

The retailer said, the complete agreement will be included as an exhibit to a current report on Form 8-K, which will be filed with the Securities and Exchange Commission.

Anthony Romano, CEO at Destination Maternity said, "We are pleased to have Dan Plants join our board, and we look forward to the positive contributions he will make."

"As a long-term investor, we look forward to bringing additional shareholder perspective and continue to work constructively with the company to help enhance its value," Daniel Plants said.

Destination Maternity is the world's largest designer and retailer of maternity apparel and operates 1,894 retail locations, including 568 stores.

In addition, Destination Maternity has international store franchise and product supply relationships in the Middle East, South Korea, Mexico and Israel.

As of September 30, 2014, Destination Maternity had 78 international franchised locations, including 19 Destination Maternity branded stores and 59 shop-in-shop locations.

Destination Maternity expects its first franchised locations in Israel to open in Spring 2015, pursuant to its franchise agreement with H&O Fashion Ltd. (AR)

Fibre2fashion News Desk - India


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