Monsoon to exit stock market
Fashion retailer applies for AIM listing
October 31 2002
Monsoon has applied to delist from the main UK stock market, and plans to list its remaining shares on the AIM market from December 1.
The move follows the recent offer of put options by trusts controlled by Monsoon founder Peter Simon and his family. Fewer than 25 per cent of shares are now outside Simon family control, below the minimum level normally required for a full listing.
The move by Simon was opposed by some shareholders, who felt the put options did not recognise the full value of their holding in Monsoon, which operates the Monsoon and Accessorize retail chains.
A statement from Monsoon said that as an AIM company, it “will continue to be subject to the regulatory and disciplinary controls” of the Stock Exchange. It also pledged that “the move to AIM will not impact upon the strategy or the conduct of the Company’s business.”
The company said it would continue to develop the potential of its two brands, growing sales “by both substantially increasing square footage and by delivering improved sales densities in existing stores.”
There are also plans to further develop the Accessorize brand internationally, in particular in Northern Europe, Eastern Europe and Russia, to “become the most successful retailer of accessories worldwide” through franchises. It main rival is this market is the US-owned Claires chain.
