Monsoon founder falls short of share goal
Retailer to seek AIM listing
October 4 2003
Monsoon founder Peter Simon has fallen short of his goal of bringing more than 90 per cent of the retailer under family control.
However, by taking the family stake above 75 per cent, Simon has succesfully taken Monsoon to the point where it can exit the main stock market and seek an AIM listing.
As the offer period ended yesterday, the family’s stake had risen by 4 per cent to 75.4 per cent. The Stoneycroft trust, which acts for the Simon’s children, had offered put options for 20 per cent of Monsoon’s share capital.
Monsoon said it would move ahead with plans to delist the business, which operates the Monsoon and Accessorize chains, from the stock market and seek an AIM listing.
In a statement, Monsoon also confirmed its intention to de-list from the FTSE and seek an AIM listing.
Monsoon has been advised by theUK Listing Authority confirmed that if the level of shares in public hands fall below 25 per cent, the company would be required to delist. The company said: “Given the express intention of Stoneycroft and Peter Simon not to decrease their respective holdings it is expected that Monsoon will now be required to de-list.”
Monsoon said it will seek an AIM listing “as soon as reasonably possible.”
The put option proposal was criticised by a number of shareholders who felt it undervalued their holding in the business. Institutional shareholders are restricted from investing in AIM-listed companies.
