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Wednesday, March 22, 2023

Naked Brand Group Limited (NAKD) Soars over 20% following Chairman’s Address of AGM 2021

The shares of Naked Brand Group Ltd. (NAKD) are pumping after the chairman of the company shares update on the annual meeting of shareholders, which took place on August 20, 2021.

Naked Brand Group (NAKD) has been in the highlights lately. For investors, NAKD stock has not been in the long-term book. However, recent corporate changes indicate future shifts in value for NAKD stock.

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The company held its annual meeting of the shareholders on August 20, 2021. The CEO and Chairman of NAKD, Justin Davis-Rice has updated the shareholders publicly in the context of the meeting.

Previously, in August the company via Form 6-K made public that they are planning to find a merger or acquisition partner. This was following the divestiture of the bricks-and-mortar operations of Bendon that resulted in an expanded balance sheet with a net cash position of $270 million for NAKD.

Now, in an open letter to the shareholders of Naked Brand Group, Justin stated that they have found a possible opportunity to be part of a merger or acquisition in the clean technology sector. After searching for the best option in the market, Naked Brand Group is working on the potential aspects of the deal.

Both parties are working on making the deal a success. Justin mentioned that the business combination will reward their patient shareholders. Further, the CEO addressed to the shareholders that he has always supported the commercial opportunities that benefit the environment. He wants to contribute to the growing environmental, social and corporate governance (ESG) mandate.

In this regard, the CEO of NAKD is pretty satisfied with the company they are in talks with. Due to corporate reasons, the name of the acquirer is still unclosed. However, Justin added that the company is a market leader with cutting-edge patented proprietary technology. Most importantly, for NAKD it fulfills the standards of ESG mandates.

Considering the ongoing situation, the path to a definitive agreement is in sight. Still, there is no guarantee of ending the deal on a high note with a definitive agreement. And, if Naked Brand Group does sign an agreement, they expect is to close the business combination.

At the moment, investors might have taken this as solid news. But there is a lot of air around unless Naked Brand Group (NAKD) discloses the deal completely. So, in the coming days, we could hear more about NAKD and its possible future.

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