Sports and leisure retailer Kathmandu has clinched $50 million in new capital to help fund the more than $100 million purchase of US outdoors company Oboz Footwear.
A fully underwritten placement of $40 million to institutional investors had been taken up, and yesterday a non-underwritten share purchase plan to shareholders gleaned a further $10 million, including $2 million in oversubscriptions.
The price of the purchase plan shares was $2.16, the same for last month’s institutional placement.
Shareholder subscriptions totalled more than $14.4 million and were scaled back proportionally.
Majority shareholder Briscoes, which has a 19.8% stake and was unsuccessful in a mid-2015 $362 million takeover bid, participated in both the institutional and share purchase offers.
Kathmandu shares, up more than 27% on a year ago, were trading around $2.55 yesterday.
Kathmandu announced the Oboz purchase in late March. Kathmandu has 164 outlets across Australia and New Zealand. The purchase is expected to expand US sales and assist in developing markets further in Asia and Europe.
