SuperGroup eyeing major growth in Europe

05 Feb '11

4 min read

The performance criteria required to be satisfied by the Business includes the opening of a number of new stores and the achievement of certain revenue targets by each of the second and third anniversaries of completion (the 'Performance Criteria'). In the event that only a certain percentage proportion of the Performance Criteria is satisfied then Luc Clément will receive an equivalent percentage proportion of the Consideration Shares.

The first tranche of Ordinary Shares, equal to 33% of the Deferred Consideration, is required to be issued on the second anniversary of completion and the second tranche of Ordinary Shares, equal to 67% of the Deferred Consideration, is required to be issued on the third anniversary.

The Ordinary Shares being issued on completion will be subject to arrangements in order to maintain an orderly market. Application is being made to the UK Listing Authority for the 1,160,032 Ordinary Shares being issued on completion to be admitted to the Official List, and application is being made to the London Stock Exchange for such Ordinary Shares to be admitted to trading on its main market for listed securities. It is expected that such admission will become effective and that dealings will commence in the Ordinary Shares at 8.00 am (GMT) on 8 February 2011.

Pursuant to the terms of the UKLA listing rules the acquisition is a Class 2 transaction not requiring shareholder approval.

The aggregate profit before tax for CNC for the 12 months to 31 December 2009 was €1.9 million.

SuperGroup is a distinctive branded UK fashion retailer offering quality clothing and accessories. It operates a multi-channel business through a combination of Cult and Superdry standalone stores, Superdry concessions, e-Commerce and its UK and International Wholesale operations.

SuperGroup Plc

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