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 minister Smriti Irani lighting the lamp to inaugurate the 6th edition of the International Apparel and Textile Fair ‘VASTRA 2017’, in Jaipur. Courtesy: PIB

Textiles | On 22nd Sep 2017

Placement rate in textiles sector is 70%: Indian minister

The recent high growth of foreign direct investment (FDI) in the...

Apparel/Garments | On 22nd Sep 2017

New US FTC rule for RN used on textile product labels

The US Federal Trade Commission recently streamlined requirements...

Textiles | On 22nd Sep 2017

Messe Frankfurt acquires Source Africa, ATF textile shows

Messe Frankfurt, one of the world´s leading trade show organisers,...

Interviews View All

Arvind Saraf
Triveni Sarees

e-Commerce is still evolving fast with constant flux and surprises

Varinder Singh Jawanda
Trendy Bharat

Sizing and fitting issues are inherent problems for companies expanding...

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Eamonn Tighe
Nature Works LLC

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

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Kai Poehler
Voith Paper GmbH & Co. KG

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

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

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

September 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


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