SCS Group PLC

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Denjoe
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Proposed Accelerated Bookbuild in ScS Group plc

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PROPOSED PLACING OF AT LEAST 5.38 MILLION ORDINARY SHARES IN SCS GROUP PLC (THE "COMPANY" OR "SCS") BY PARLOUR PRODUCTS HOLDINGS (LUX) S.À R.L. (THE "SELLER").


5 November 2019
The Seller announces that it intends to sell at least 5.38 million ordinary shares (the "Placing Shares") in SCS, representing approximately 13.4 % of the Company's current issued share capital.

The Placing Shares are being offered by way of an accelerated bookbuild (the "Placing"), which will be launched immediately following this announcement. Shore Capital Stockbrokers Limited ("Shore") is acting as sole bookrunner (the "Sole Bookrunner") for the Seller in connection with the Placing.

Any remainder of the Company's ordinary shares held by the Seller following the Placing will be subject to a lock-up which ends 90 days after completion of the Placing (subject to waiver by the Sole Bookrunner and to certain customary exceptions).

The final number of Placing Shares to be placed, and the price at which the Placing Shares are to be placed, will be agreed by the Sole Bookrunner and the Seller at the close of the bookbuild process, and the results of the Placing will be announced as soon as practicable thereafter. The timings for the close of the bookbuild process are at the absolute discretion of the Sole Bookrunner. The Placing is subject to demand, price and market conditions.
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Denjoe
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Proposed Share Buyback

Bericht door Denjoe »

ScS, one of the UK's largest retailers of upholstered furniture and floorings, notes today's announcement regarding the proposed sell-down of existing ordinary shares of 0.1 pence each in the Company ("Ordinary Shares") (the "Placing") by Parlour Product Holdings (LUX) S.A.R.L (the "Seller").

ScS confirms that it has informed Shore Capital Stockbrokers Limited (who is acting as Sole Bookrunner in relation to the Placing) of its intention to potentially participate in the Placing using the buy-back authority granted by its shareholders at its Annual General Meeting on 21 November 2018. The Company intends to limit its participation in the Placing to a maximum of 1,996,455 Ordinary Shares which represents approximately 4.99% of the Company's current issued share capital.

The Company has decided to participate in the Placing given its significant cash resources and the cash generative nature of the business. Any Ordinary Shares purchased in the Placing by the Company will be cancelled and the Company's share capital will be reduced accordingly.

The Company notes that, if it does participate in the Placing, the transaction is expected to be a related party transaction under Listing Rule 11.1.10R and accordingly, in accordance with that rule, a further announcement would be made.
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Nephus
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Re: SCS Group PLC

Bericht door Nephus »

Mij dit weekend eens in deze inlezen. :geek:
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Denjoe
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Heropening

Bericht door Denjoe »

ScS Group plc
("ScS" or the "Group")
REOPENING & LIQUIDITY UPDATE
ScS prides itself on employing great people and providing an excellent service to our valued customers. The Group employs 1,700 people and has
focused on becoming Britain's best value sofa and carpet retailer.
Reopening
Following government guidance on 23 March 2020, the Group temporarily closed its store and distribution network. After carefully considering
recently updated government guidelines and implementing enhanced health and safety policies and procedures, to protect our people and our
customers, ScS is pleased to announce that 80 of its stores in England reopened on 23 May 2020. The Group's distribution network has also
reopened in England, allowing deliveries to customers to recommence.
In line with government guidance, the Group's 19 stores, and distribution networks, in Wales and Scotland remain closed. We continue to monitor
the situation closely and will reopen as soon as possible.
Throughout the lockdown period, ScS continued to provide support to our customers and employees through dedicated teams, who we enabled to
work remotely.
Financial position
ScS has been building a strong balance sheet. As previously announced, the Group drew down £12m from its revolving credit facility (RCF) on 17
March 2020. Including the £12m RCF, as at 25 May 2020, the Group held £48.3m in cash.
In order to protect our financial position, we have continued to review and reduce cash expenditure to protect our liquidity in the short term. The
Group has continued to evaluate capital expenditure plans.
Looking forward
Whilst it is too early to provide clarity on the outlook for the weeks and months ahead, the Group is pleased to have reached this key milestone.
The Board would like to thank our customers for their continued support and our colleagues for their ongoing dedication and professionalism.
ScS is a resilient business, with a strong balance sheet, coupled with a flexible cost base, and is well positioned to navigate this event and return to
growth when the economy recovers.
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Denjoe
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Trading update

Bericht door Denjoe »

Voorlopig +13% na beter dan verwachte resultaten

Period Weeks Date Order intake vs prior year
Pre‐lockdown 1 to 34 28 July 2019 to 21 March 2020 (4.2%)
Lockdown 35 to 43 22 March to 23 May 2020 (92.5%)
Post‐lockdown 44 to 52 24 May to 25 July 2020 92.2%
Full year 1 to 52 28 July 2019 to 25 July 2020 (5.9%)

As previously reported, following a challenging autumn period, trading improved over the winter sales period with momentum increasing prior to lockdown.
Order intake growth was strong in the first seven weeks (late January to mid‐March) of the second half of the financial
year. However, as the table illustrates, this was impacted by the mandatory closure of all our stores on 23 March 2020.
Whilst we saw asignificant increase in online orders during the lockdown period, the Group as a whole experienced a decrease in bookings year on year.

Encouragingly, post‐lockdown trading has been very strong both in‐store and online, with Group order intake increasing 92.2% when
compared to the same period in the prior year. This reflects pent up demand, which has been supported by our well executed re‐opening plans, our continued focus on value and customer service, and our increased investment in targeted marketing over the last two months.

Delivered sales for the 52 weeks ended 25 July 2020 were £268m, which compares to £333m in the prior year. The reduction was driven by the temporary closure from late March to late May of our distribution network and our manufacturing partners' facilities.
As our furniture products are made to order, and normally have lead times ranging from 5 to 13 weeks, the recent strong order intake performance means the Group's opening order book for the new financial year is significantly higher than in the previous year.
The majority of these orders will be delivered in the first quarter of the next financial year.


Financial position
On 17 March 2020, the Group drew down £12m from its revolving credit facility ('RCF'). As noted in our trading update on 26 May 2020,
including the £12m RCF, the Group held £48.3m in cash.
Since the end of May, the £12m borrowed under the RCF has been repaid and cash on the balance sheet has grown to £82.3m. This
compares to £57.7m of cash at the end of July 2019. The increase has been driven by the Group's negative working capital model,
benefiting from the order intake over the past few weeks, coupled with effective cash management actions that the Group has undertaken in response to the COVID‐19 outbreak.


Looking forward
Whilst it is too early to provide clarity on the outlook for the weeks and months ahead, the Group is encouraged with its trading
performance since re‐opening on 23 May 2020.
The Board would again like to thank our colleagues for their ongoing dedication and professionalism during this time, as well as our
customers, shareholders, and wider stakeholders for their continued support.
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