Pepkor backs Poundstretcher
Friday 21 April 1995
Under the deal Pepkor, the largest discount retailer in South Africa, is further committing itself to the group by injecting at least £20m in addition to the £12m invested last July. A further £10m will be raised via a seven-for-three rights issue. A share consolidation will result in 100 existing shares being consolidated into one new ordinary share priced at 10p.
The directors warned shareholders that if they did not approve the proposals the company was likely to cease trading.
A spokesman for Pepkor said: "The South Africans dipped their toe in the water last year and have now decided to commit to Poundstretcher. They see the company as their vehicle for expansion here and in western Europe."
Since taking control of the company, Pepkor has closed nearly 40 stores and will close a further 20, taking the chain down to between 180 and 200 stores. Peripheral businesses have been sold to concentrate solely on the Poundstretcher format.
Results for the year to December were announced yesterday, showing that losses including exceptional items increased from £12.7m to £16.3m. Sales increased slightly to £151.8m, with sales in the second half improving strongly. In the 15 weeks since the year-end, like-for-like sales were up 9 per cent on improved profit margins.
- 1 Secret Cinema: Why were Back to the Future screenings cancelled?
- 2 Christians: The world's most persecuted people
- 3 Israel-Gaza conflict: The secret report that helps Israelis to hide facts
- 4 Thatcher ‘was warned of Tory child sex party claims’
- 5 The Simpsons Family Guy trailer: First look at crossover episode after Comic-Con debut
A new Russian revolution: The cracks are starting to appear in Putin’s Kremlin power bloc
Thatcher ‘was warned of Tory child sex party claims’
Lauren Goodger sex tape: Reality star calls for tougher laws on revenge porn after intimate video leaks online
Israel-Gaza conflict: President Obama presses Netanyahu to call ‘immediate and unconditional’ Gaza ceasefire
Iraq crisis: End 'very near' for Christianity after Isis takeover, says Bishop
Israel-Gaza conflict: The secret report that helps Israelis to hide facts
A day in the life of Vladimir Putin: The dictator in his labyrinth
Opponents of Israel's military operation in Gaza are the real enemies of Middle Eastern peace
Were 'Poor Doors' added to mixed developments so wealthy residents don't have to go in alongside social housing tenants?
Arizona execution lasts two hours as killer Joseph Wood left 'snorting and gasping' for air
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
iJobs Money & Business
£28000 - £32000 per annum: Ashdown Group: Training/Learning and Development Co...
£28000 - £32000 per annum + benefits: Ashdown Group: Training Programme Manage...
£30000 - £45000 per annum: Harrington Starr: A Global Financial Service Organi...
£30000 - £40000 per annum + Bonus+Benefits+Package: Harrington Starr: C# Web d...