The shareholders of UK digital clothing retailer N Brown have voted in favour of the company’s pre-emptive equity raise of GBP100m (US$130.7m) and its move from the London main market to AIM.
N Brown said in a statement all the resolutions set out in the notice of its general meeting were passed. The delisting is expected to become effective on 23 December, with admission effective on the same date.
The equity is expected to enable investment to accelerate N Brown’s strategy, with more support for its brand websites, a new financial services platform, and investment in its digital and social channels.
Earlier this month, the retailer saw adjusted profit before tax for the period tumble 28.9% to GBP22.6m from GBP31.8m a year earlier. Statutory profit before tax fell by 25% to GBP14.1m.
Group revenue was down 17.6% to GBP356.7m from GBP432.9m last year, while product revenue dropped 20.5% to GBP224.5m.