Danish fashion group Bestseller is reducing its holding in ASOS via a share placing that represents around 2.4% of the e-commerce giant’s issued share capital.
Bestseller, which owns the Jack & Jones, Vero Moda and Selected brands among others, is selling 2 million shares by way of an accelerated book build which begins immediately, with Numis Securities acting as the sole bookmaker.
Using a wholly owned subsidiary called Aktieselskabet af 5.5.2010, Bestseller had built up a stake of near to 30% in ASOS, which is just under the threshold for a mandatory take-over offer. It has said its decision to sell some of those shares now was part of the management of its investment portfolio.
“We have been shareholders in ASOS since 2010 and have always had the long term interests of the business at heart. As part of our active management of the Heartland investment portfolio, we are looking to sell a small percentage of our holding. We are delighted to remain supporters of the business and the management team and have no intention to see our position fall below 25% in the long term,” said Lise Kaae, CEO of Heartland.
The final number of placing shares to be placed by Aktieselskabet af 5.5.2010 and the price at which they will be placed will be agreed by Numis and the seller at the close of the bookbuild process, with the result of the placing announced “as soon as practicable” thereafter. The timings for the close of the bookbuild process are at the absolute discretion of Numis. The Placing is subject to demand, price and market conditions and ASOS will not receive any proceeds from the placing.