Mosaic Brands' response to media reports

Mosaic Brands Limited (ASX: $MOZ) has responded to media reports regarding the company entering 'safe harbour'. The directors have confirmed that they are seeking ongoing advice on their duties and compliance with safe harbour provisions as outlined in the Corporations Act 2001 (Cth). The company has also acknowledged operational issues impacting trade and anticipates a recovery in trading performance in the first half of FY25. The Group will report its FY24 results on Wednesday, August 28th, and provide an outlook for the first quarter of FY25.

Executive Commentary

The Group wishes to confirm that its directors have and continue to take advice from advisors on their ongoing duties. These fiduciary obligations are matters the board has always taken seriously. Deloitte has been advising the company on refinancing considerations, and the Group anticipates a recovery in its trading performance through the course of H1 FY25 once operational issues are resolved. The senior secured creditor of the Group remains supportive, and the Group continues to work with its suppliers to deliver for its customers.

Summary of Response and Outlook

Mosaic Brands Limited (ASX: $MOZ) has responded to media reports regarding 'safe harbour' and confirmed the ongoing advice sought by its directors on their duties and compliance with safe harbour provisions. The company acknowledges operational issues impacting trade but anticipates a recovery in trading performance in the first half of FY25. The Group's FY24 results will be reported on August 28th, including an outlook for the first quarter of FY25. The Group remains focused on resolving operational issues, maintaining the support of its senior secured creditor, and collaborating with suppliers to ensure customer delivery.