ASOS PLC Potential equity issuance & debt refinancing (1125J)
April 07 2020 - 10:56AM
UK Regulatory
TIDMASC
RNS Number : 1125J
ASOS PLC
07 April 2020
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH
JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION. FOR IMMEDIATE
RELEASE
07 April 2020
ASOS PLC ("ASOS" or "the Company")
Potential equity issuance & debt refinancing
The Company has been monitoring the ongoing financial impact of
COVID-19 on its business operations, and has been evaluating a
number of different scenarios. Whilst it is impossible to be
precise as to all the impacts, we have stress tested our liquidity
under these scenarios and are comfortable that with mitigating
actions there is sufficient liquidity within our existing GBP350m
facility.
ASOS recorded a strong performance over the first-half of the
year. Sales growth was in excess of 20% as the strong momentum
experienced over the peak period continued into January and
February. ASOS has also made significant progress on the goal of
reducing non-strategic costs which, combined with stronger
performance than anticipated in the January and February sale
period, has resulted in a strong first-half profit and EBIT
margin.
Whilst the Company's financial position remains robust, the
duration and impact of the COVID-19 related crisis remains
uncertain and ASOS wants to ensure it can weather and exit the
current trading environment in a position of strength. The Company
confirms that it is close to finalising a potential equity issuance
and extension to its debt facilities.
A further announcement will be made shortly.
This Announcement is issued on behalf of the Company by Anna
Suchopar, General Counsel and Company Secretary.
Enquiries:
ASOS PLC
Nick Beighton Chief Executive Officer Tel: 020 7756 1000
Mathew Dunn Chief Financial Officer
Alison Lygo Director of Treasury and Investor Relations
Headland Consultancy
Susanna Voyle / Stephen Malthouse Tel: 020 3805 4822
J.P. Morgan Cazenove (Nominated Adviser)
Michael Wentworth-Stanley / Bill Hutchings / Christopher Wood Tel: 020 7742 4000
Numis Securities
Alex Ham / Luke Bordewich / Tom Jacob Tel: 020 7260 1000
About ASOS
ASOS is an online retailer for fashion-loving 20-somethings
around the world, with a purpose to give its customers the
confidence to be whoever they want to be. Through its
market-leading app and mobile/desktop web experience, available in
ten languages and in over 200 markets, ASOS customers can shop a
curated edit of 85,000 products, sourced from 850 of the best
global and local third-party brands and its mix of fashion-led
in-house labels - ASOS Design, ASOS Edition, ASOS 4505 and
Collusion. ASOS aims to give all of its customers a truly
frictionless experience, with an ever-greater number of different
payment methods and hundreds of local deliveries and returns
options, including Next-Day and SameDay Delivery, dispatched from
state-of-the-art fulfilment centres in the UK, US and Germany.
ASOS's websites attracted 239.0 million visits during December
2019 (December 2018: 188.4 million) and as at 31 December 2019 it
had 21.7 million active customers(1) (31 December 2018: 18.9
million), of which 6.7 million were located in the UK and 15.0
million were located in our international territories (31 December
2018: 6.1 million in the UK and 12.8 million internationally).
(1) Defined as having shopped in the last twelve months as at 31
December.
IMPORTANT INFORMATION
There can be no certainty that any possible transaction
contemplated in this Announcement will proceed nor as to the terms
on which any possible transaction might be concluded.
This Announcement is not intended to, and does not, constitute
or form part of any offer, invitation or the solicitation of an
offer to purchase, otherwise acquire, subscribe for, sell or
otherwise dispose of, any securities whether pursuant to this
Announcement or otherwise.
No securities in connection with any possible transaction
contemplated in this announcement have been or will be registered
under the U.S. Securities Act of 1933, as amended (the "Securities
Act"), and may not be offered or sold in the United States except
pursuant to an exemption from, or in a transaction not subject to,
the registration requirements of the Securities Act.
No person has been authorised to give any information or to make
any representations other than those contained in this
Announcement.
The issue of this Announcement shall not, for the avoidance of
doubt, in any circumstances, create any implication that the
Company shall be required to provide further updates on the status
of any matters contemplated in this Announcement (save as may be
required by law or regulation).
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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