City Chic Collective institutional placement and entitlement offer completion

City Chic Collective Limited (ASX: $CCX) has successfully completed its institutional placement and the institutional component of its entitlement offer, raising proceeds of $14.6 million before costs. The placement raised $5.4 million through the issue of 35.9 million new shares at an offer price of $0.15 per new share, while the institutional entitlement offer raised $9.2 million through the issue of 61.12 million new shares at the same offer price. The company received strong demand from existing institutional shareholders and attracted new investors, positioning them for positive momentum in FY25.

Executive commentary on completion of institutional entitlement offer and placement

Phil Ryan, CEO, expressed his delight with the exceptional level of support received from existing institutional shareholders and the pleasure in obtaining the support of new institutions. He stated, 'Their collective support positions us to build on the positive momentum our recent initiatives are generating going into FY25.'

Summary of City Chic Collective's institutional entitlement offer and placement

City Chic Collective (ASX: $CCX) has successfully completed its institutional entitlement offer and placement, raising $14.6 million. The company's CEO, Phil Ryan, expressed delight in the support received from existing institutional shareholders and the addition of new institutions. The new shares applied for are expected to be settled on 28 June 2024 and issued on 2 July 2024. The retail entitlement offer seeks to raise $8.4 million, with eligible retail shareholders invited to participate at the same offer price and ratio as the institutional entitlement offer. City Chic Collective is a global omni-channel retailer specializing in better dressing plus-size women's apparel, footwear, and accessories, with a network of 77 stores across Australia and New Zealand and websites operating in the USA and third-party marketplace and wholesale partners in Australia, New Zealand, and the USA.