Bonmarché to delist from LSE next month
today Jul 22, 2019
Womenswear fashion brand Bonmarché is set to cease trading on the London Stock Exchange from the start of August following its takeover by Philip Day’s Spectre Holdings earlier this month.
The Wakefield-headquartered retailer has also announced it will delay the publication of its annual report for the year ended 30 March beyond the end of July.
Spectre, the Dubai-based investment firm controlled by British retail mogul Phllip Day, acquired Bonmarché earlier this month after taking its shareholding in the struggling retailer to 93%.
“Following a request by Spectre, Bonmarché has made an application for the cancellation of the listing of Bonmarché shares on the Official List of the FCA and for the cancellation of trading of Bonmarché shares on the Main Market of the London Stock Exchange,”
“It is anticipated that such cancellations will take effect no earlier than 12 August 2019, being 20 business days from 15 July 2019, or, if the FCA so agrees, no earlier than 6 August 2019, being 20 business days from the date when Spectre obtained the relevant shareholding and acceptances,” the company has announced.
Bonmarché was admitted to trading on the London Stock Exchange's junior AIM market in 2013, moving to the Main Market in 2015. The company has over 300 stores and concessions across the UK.
Spectre made its move on the clothing chain in April when it acquired 26,213,390 Bonmarché shares. As a result, it was required under Rule 9 of the Code to make a mandatory unconditional cash offer for the remaining shares.
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