Naked Brand Group Limited (NAKD) saw a decrease of 3.33% and stands at $0.65 in the premarket today. However, the last trading session closed at $0.675 with a decline of 4.96%.
Update to Chairman’s Address From 2021 Annual Meeting of Shareholders
On 24th September 2021, Chairman and Chief Executive Officer Justin Davis-Rice provided an update to the chairman’s speech to shareholders from the company’s most recent annual meeting. Firstly, the divestiture of Bendon’s bricks-and-mortar operations resulted in an expanded balance sheet with a net cash position of $270 million USD. Secondly, NAKD provided an update on the situation of its plans to find a merger or acquisition partner. The company informed that, after much investigation and due diligence, NAKD has discovered a game-changing potential in the clean technology industry. Thirdly, both parties are conducting due diligence, and they believe the merger will benefit their patient shareholders.
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Final Results of Extraordinary General Meeting and Closing of Bendon Divestiture
On 30th April 2021, NAKD’s shareholders accepted the Company’s disposal of its Bendon brick-and-mortar businesses during an Extraordinary General Meeting. NAKD revealed its intentions for a revolutionary restructuring. According to this, it will sell up its underperforming brick-and-mortar businesses. This will help focus only on its e-commerce business’s projected fast acceleration. To that purpose, the Company agreed to sell its subsidiary Bendon Limited to a consortium led by Justin Davis-Rice.
On the terms and circumstances set out in the conditional share sale agreement, the Company sold all of Bendon’s issued share capital to the Buyers for NZ$1.00, subject to adjustments as indicated below. Lastly, the Company paid Bendon NZ$4.8 million for the inventory adjustment.
Naked Brand Group is a digital intimate clothing and swimwear company that only sells online. Under a license arrangement with Authentic Brands Group, they develop and sell the 74-year-old Frederick’s of Hollywood brand. NBG was formed on June 20, 2018, when Nasdaq-listed Naked Brand Group Inc and Bendon Limited merged.