Home / Knowledge / News / Apparel/Garments / Funtastic completes acquisition of NSR
Funtastic completes acquisition of NSR
17
Aug '09
Funtastic is pleased to announce that it has completed the acquisition of the Hong Kong toy company, NSR (HK) Limited (NSR), and the issue and allotment of shares under its fully underwritten non-renounceable rights issue to raise approximately A$22.3 million (before expenses) (Rights Issue).

The Underwriting Agreement entered into by Funtastic and Elsie May Holdings Pty Ltd CAN 136 934 337 as trustee for the Lauren Mathieson Family Trust (Underwriter) was conditional on completion of the acquisition of NSR. Following completion of the acquisition of NSR the Underwriter has now subscribed for all shares that were not taken up by shareholders under the Rights Issue, and Funtastic has received the proceeds of the Rights Issue and the underwriting arrangements.

Shares for which shareholders subscribed under the Rights Issue and those for which the Underwriter subscribed were issued and allotted yesterday and will trade on a normal settlement basis from today, 14 August 2009.

Funtastic will use the funds raised under the Rights Issue to reduce bank debt and for working capital. Stewart Downs, Chief Executive Officer, said 'that he was very pleased that the capital raising, the acquisition of NSR, and the divestment of the Planet Fun (NZ), Footwear, Manchester, and Apparel businesses were now complete, all of which puts the company in a much stronger strategic and financial position for the future and now allows us to focus on our core business.'

Funtastic

Must ReadView All

Courtesy: Ikea

Textiles | On 26th Apr 2017

Ikea’s product sourcing from India to double by 2020

Ikea, the global home furnishing giant from Sweden, plans to double...

Textiles | On 26th Apr 2017

CITA to add insufficiently available fabric in CAFTA-DR

The Committee for the Implementation of Textile Agreements (CITA) has ...

Courtesy: SKF

Textiles | On 26th Apr 2017

SKF brings predictive maintenance for machinery to India

SKF India, a global supplier of bearings, seals, mechatronics,...

Interviews View All

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search