Footasylum PLC Reduction of Capital (9274E)

TIDMFOOT

RNS Number : 9274E

Footasylum PLC

15 February 2018

15 February 2018

Footasylum plc

("Footasylum" or the "Company")

Reduction of Capital

Footasylum, the UK-based fashion retailer focussing on branded footwear and apparel, is pleased to announce that, as outlined in the Company's Admission Document dated 27 October 2017, and pursuant to a shareholder resolution dated 26 October 2017, it has completed a reduction of capital.

As a result, GBP37,740,525 standing to the credit of the Company's share premium account has been cancelled, thereby creating distributable reserves of an equivalent amount (the "Cancellation"). The Cancellation was formally approved by the High Court and became effective on 14 February 2018. The Cancellation has no effect on the net asset position of the Company.

The Company's Admission Document can be found at http://investors.footasylum.com/

 
 Enquiries: 
 Footasylum plc                              Tel: +44 (0) 
  Nancy Kelsall (Company Secretary)          1706 746 777 
 GCA Altium Limited (Financial Adviser       Tel: +44 (0) 
  & Nominated Adviser)                       20 7484 4040 
  Phil Adams 
  Sam Fuller 
  Tim Richardson 
 Liberum Capital Limited (Broker)            Tel: +44 (0) 
  John Fishley                               20 3100 2222 
  Jill Li 
 Powerscourt (Financial Public Relations)    Tel: +44 (0) 
  Rob Greening                               207 250 1446 
  Lisa Kavanagh 
  Isabelle Saber 
 

Customer website: https://www.footasylum.com/

Investor website: http://investors.footasylum.com/

Notes to Editors:

Footasylum is a UK-based fashion retailer focusing on the branded footwear and apparel markets. The Company retails "on-trend" product ranges which are predominantly aimed at 16 to 24 year old fashion-conscious customers and are sourced from an extensive stable of third party and own brands. These include well-known sports and casual footwear and apparel brands, as well as up-and-coming brands and own label products.

Examples of third party brands include: adidas; Nike; The North Face; Gym King; Converse; New Balance; EA7; Vans; Nicce London; Siksilk; Under Armour; and Calvin Klein. Examples of Footasylum's own brands include: Kings Will Dream; Glorious Gangsta; Condemned Nation; and Alessandro Zavetti.

The Company operates a multi-channel model which combines a 65-strong store estate - in a variety of high street, mall and retail park locations in cities and towns throughout Great Britain - with a fast-growing eCommerce platform and a recently launched wholesale arm for distributing its own brand ranges via a network of partners. In FY17, the store estate accounted for 71 per cent. of revenue and eCommerce accounted for 29 per cent.

Footasylum was founded in 2005 and the Company's ordinary shares were admitted to trading on AIM in November 2017.

This information is provided by RNS

The company news service from the London Stock Exchange

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February 15, 2018 02:00 ET (07:00 GMT)