Slaughter and May advised ASOS plc on its cashbox placing and related retail offer

Slaughter and May advised ASOS plc (“ASOS”) on its equity raise announced on 25 May 2023, comprising a cashbox placing to raise gross proceeds of c.£75 million (the “Placing”) and related retail offer conducted through the PrimaryBid platform to raise additional gross proceeds of c.£5 million (the “Retail Offer”).

The successful Placing and Retail Offer were conducted at the closing market price of ASOS shares on 25 May 2023 with no discount and involved the issuance of 19.1% of the existing ordinary share capital of ASOS to raise gross proceeds of c.£80 million. The proceeds will be used to provide liquidity to ASOS and support the successful refinancing of its debt facilities, which Slaughter and May also advised on.

Slaughter and May worked closely with the ASOS legal team led by Emma Whyte (Group Company Secretary and General Counsel).