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Bagir Group Ltd   -  BAGR   

Trading Update and Directorate Change

Released 07:00 31-Dec-2018

RNS Number : 7755L
Bagir Group Ltd
31 December 2018
 

31 December 2018

 


Bagir Group Limited

("Bagir" or the "Company")

 

Trading Update and Directorate Change

  

Bagir (AIM: BAGR), a designer, creator and provider of innovative tailoring, announces that it is taking more time than first envisaged for Shandong Ruyi to receive Chinese Government approval for its proposed $16.5 million investment into the Company in return for 359,560,310 New Ordinary Shares representing 53.7 per cent of the Company's Enlarged Share Capital. As a consequence, the Company has agreed a new unconditional completion date for the transaction of 30 May 2019 by which time Shandong Ruyi will pay the remaining cash payment of $13.2 million.  All other conditions relating to the transaction have been completed by Bagir.

Current Trading

The Board of Bagir is pleased to confirm that the Company is trading in line with management expectations for the 12 months to 31 December 2018. As anticipated, trading in  the second half has been stronger compared to the first 6 months, with the Company recording a profitable third and  fourth quarter.

Directorate Change

Udi Cohen, Chief Financial Officer, has decided to leave the Company from March 10, 2019, to pursue his other business interests. Dotan Levy currently Group Financial Controller will take on the role of acting Chief Financial Officer. Dotan will not become a director of the Company at this time.

Chief Executive Officer, Eran Itzhak, said: "While both ourselves and Shandong Ruyi would have preferred to have completed the transaction earlier, both companies are committed to making this partnership work. Shandong Ruyi remain confident the transaction will be completed and the new completion date has been set to provide ample time for all parties.

On behalf of the Board I would like thank Udi who has worked for Bagir for 7 years and has been a highly valued colleague to all of us and we wish him well in the future."

For further information please contact:

Bagir Group Limited

Eran Itzhak, Chief Executive Officer

Udi Cohen, Chief Financial Officer

Tessa Laws, Non-Executive Chairman

 

via Novella on:

+44 (0) 20 3151 7008

N+1 Singer (Nominated Adviser & Broker)

Mark Taylor

James Moat

 

+44 (0)20 7496 3000

Novella Communications (Financial PR)

Tim Robertson

Toby Andrews

+44 (0)20 3151 7008

 


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Trading Update and Directorate Change - RNS