Fashion group SMCP rises on capital structure review plans
26/01/2022 09:01
** Shares in SMCP SMCP.PA rise 4% after the French fashion
group said it would put in place an ad hoc committee to review
its capital structure "with a view to stabilizing and
consolidating its shareholder base" urn:newsml:reuters.com:*:nL1N2U5284
** The owner of the Sandro fashion label is dominated by a
group of former bondholders which last year acquired a 29% stake
when the former majority owner, a unit of Chinese conglomerate
Shandong Ruyi 002193.SZ , defaulted on its debt
** The bondholder group had last year said it planned to
sell its stake to a third party
** Earlier this month, it voted to oust five board members
associated with Shandong Ruyi amid a legal battle between the
group's former and current shareholders
** It said the committee would be composed of Orla Noonan,
Natalia Nicolaidis and board chairman Christophe Cuvillier, the
former CEO of shopping mall owner Unibail URW.AS
(Reporting by Sarah Morland)
((sarah.morland@tr.com
mailto:sarah.morland@thomsonreuters.com))