Monsoon share offer extended
Stoneycroft adds 6 per cent to founder’s stake
July 23 2003
The offer by the founder of fashion retailer Monson to buy shares in the business, which is likely to end a delisting from the stock market listing, has entered its second phase.
Stoneycroft, which represents a family trust set up by Monsoon founder Peter Simon, said it had received applications for Put Options representing 6 per cent of Monsoon shares.
Stoneycroft is now directly interested in 15.2 per cent of Monsoon shares. Through the second phase of the offer, which runs until the end of September, Stoneycroft hopes to acquire another 14 per cent of the business, which would bring the total holding by the Simon family and its trusts to 92.5 per cent.
At that point, the remaining free shares would be transferred to a listing on the alternative AIM market.
The Daily Telegraph reports that institutional investors including Framlington, New Star and Jupiter Asset Management have sold their holdings in Monsoon on the open market since the offer was made on July 2.
Simon founded Monsoon, which operates the Monsoon and Accessorize chains, in 1972.
