Friday 1st November 2019
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Kathmandu Holdings, which has completed its acquisition of Rip Curl, said Reuben Casey will be chief executive of the Kathmandu business while Xavier Simonet will continue as group chief executive.
Kathmandu shareholders approved the $368 million purchase of surf brand Rip Curl at a special meeting last month.
Kathmandu said Chris Kinraid will continue as the group chief financial officer, while Michael Daly will continue as chief executive of the Rip Curl business.
Casey, who is currently chief operating officer, Kinraid and Daly will all report to Simonet.
"Reuben has been a key contributor to the success of Kathmandu over the last few years. I congratulate him on his promotion and I wish him all the very best success as chief executive officer of Kathmandu," said Simonet.
The outdoor goods retailer raised $145 million in a one-for-four accelerated entitlement offer to help pay for the surf brand. The institutional component of the offer cleared the shares at $3.06 per share and last week it said it had successfully completed the auction of the 41 percent shortfall of the retail component. According to Kathmandu, the clearing price was $3.08 per share, a premium of 53 cents per share over the application price of $2.55 under the offer.
A substantial shareholders' notice yesterday showed that chairman David Kirk bought 17,238 shares as part of the retail component of that offer through BT Portfolio Services, the registered holder as trustee of Kirk Family Superannuation Fund. It now holds 86,193 shares.
Kathmandu Holdings has a market capitalisation of $925.4 million and nearly 295 million shares on issue after the capital raising.
The shares last traded at $3.13. Despite the depressive impact of the capital raising, the current price is still 13 percent higher than a year ago.
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