Ex-Hotter Shoes owner booted off London Stock Exchange’s AIM after failing to meet takeover deadline
The former owner of Hotter Shoes has been kicked off the London Stock Exchange’s AIM after failing to meet a deadline to complete a takeover deal.
Unbound Group had been required to complete a reverse takeover within six months of July 18, 2023, or face its shares being cancelled.
The group was left as a cash shell on AIM following the sale of Hotter Shoes out of administration last summer to WoolOvers Group for £6.7m.
The move for the Skelmersdale-based brand saved over 400 jobs at the time.
Under AIM’s rules, Unbound Group was required make a single or multiple acquisitions which constitute a reverse takeover within six months from July 18. Alternatively, the group could have sought to become an investing company which would require it to raise at least £6m.
In a statement issued to the London Stock Exchange, Unbound Group said: “The company confirms that the listing of its ordinary shares will be cancelled from trading on AIM with effect from 7am on 18 January 2024.
“Further to its announcement on 31 October 2023, the company confirms that it continues to pursue opportunities for value recovery for its shareholders.
“This could include a transaction of some form as previously notified. There is no guarantee that such a transaction will take place nor as to its terms, however, the company will continue to pursue its objectives once de-listed from AIM.
Unbound Group was founded in 1976 by Michael Stoddart as Electra Investment Trust. In August 2021, no called Electra Private Equity, it announced plans to spin off its hospitality business, Hostmore plc.