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

Textiles | On 8th Dec 2016

Cabinet okays reforms to boost jobs in made-ups sector

The Union Cabinet chaired by prime minister Narendra Modi has given...

Textiles | On 8th Dec 2016

R&D is key to textile industry’s growth: Kavita Gupta

Research and development is the key to the growth of the textiles...

Textiles | On 8th Dec 2016

Indonesia may ease procedures for raw material import

In order to boost the competitiveness of the domestic textile...

Interviews View All

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Victor Chao
Esmetex

‘In future, clothing boundary lines will become increasingly blurred.’

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Yash P. Kotak
Bombay Hemp Company

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

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella 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
December 2016

December 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search