REG - Frasers Group PLC - Update on mandatory offer for XXL ASA

FrasersAnnouncement

Wed 16:15

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RNS Number : 4713K  Frasers Group PLC  28 May 2025

Date: 28 May 2025

 

FRASERS GROUP PLC

Update on mandatory offer for XXL ASA

Reference is made to the announcement made by XXL ASA ("XXL") via the Oslo
Stock Exchange on 27 May 2025 regarding the tendering of shares in the
mandatory offer (the "Offer") by Frasers Group plc ("Frasers") pursuant to the
offer document dated 14 April 2025.  Preliminary results indicate that
Frasers has received acceptances that will result, on settlement and
completion of the Offer, in Frasers controlling more than 92% of the share
capital and 90% of the voting shares of XXL. The full announcement can be
seen here
(https://live.euronext.com/en/product/equities/NO0013293142-XOSL#CompanyPressRelease-12715566)
 1  (#_ftn1) and the final result of the Offer will be announced once
confirmed.

 

Reference is also made to XXL's announcement dated 26 May 2025 in respect of
XXL's challenging liquidity situation and supply chain delays.  Having
offered to provide support to help XXL navigate its challenges over the past
18 months, and been rebuffed, this is a situation which Frasers believes could
have been avoided. In the meantime, XXL has not been able to execute on its
proposed turnaround plan and XXL's financial and trading position has
continued to deteriorate.

 

As a result, Frasers is acquiring a business which is in significant distress.
As such, all stakeholders, including but not limited to, brand partners,
landlords, suppliers and partners, will need to work collaboratively with
Frasers in its efforts to save the XXL business in its current form. Frasers
does not currently have sufficient information to be able to determine how
much of a viable proposition XXL in its current form is, and whilst its
current intention is to work on stabilising the XXL business, this will be
more difficult given the passage of time, and there is no guarantee that XXL
can be saved in its current form or at all.

 

 

Frasers Group plc

 

 Robert Palmer, Company Secretary                     T. 0344 245 9200

 LEI: 213800JEGHHEAXIJDX34                            E. company.secretary@frasers.group (mailto:company.secretary@frasers.group)

 Chris Wootton, Chief Financial Officer               T. 0344 245 9200

                                                      E. financial@frasers.group

 Gary Thompson, Keith Bishop Associates, PR Advisors  T. 07881 952441

                                                      E. gary@kbapr.com

 

 

 1  (#_ftnref1)
https://live.euronext.com/en/product/equities/NO0013293142-XOSL#CompanyPressRelease-12715566
(https://live.euronext.com/en/product/equities/NO0013293142-XOSL#CompanyPressRelease-12715566)

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