IN BRIEF: Mulberry finishes £10 million raise as retail offer closes

Mulberry Group PLC - Bath, England based luxury leather goods - Raises £10.4 million in total from share subscriptions by its two major shareholders and a retail share offer, an exercise that drew the ire of one of the two shareholders. Majority owner Challice Ltd, with a 56% stake, and Frasers Group PLC, now with just over a 37% holding, both took part in the equity raise, despite Frasers complaining it wasn’t given sufficient notice. The Sports Direct-owner last week offered to acquire Mulberry instead at 130 pence per share, higher than the 100p equity raise price, but this was rejected by Mulberry.

The retail offer received applications for 392,013 new shares, worth £392,013, out of 750,000 on offer. Challice earlier had agreed to buy 10.0 million shares at 100p for £10.0 million in total, but this was subject to a clawback provision were Frasers to want to take up its portion. In the event, Frasers subscribed for 4.0 million shares, edging its stake in Mulberry up to 37.3% from 36.9%.

Current stock price: 108.00 pence, down 10% in London on Monday

12-month change: down 47%

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