Sosandar commences trading on AIM

Sosandar plc, formerly known as Orogen plc, the online women’s fashion retailer, has commenced trading on AIM today, November 2, following the reverse takeover of Thread 35 Ltd , which was announced last month.

The number of ordinary shares in issue immediately after admission will be 106,814,658 giving the company a market capitalisation of approximately 16.1 million pounds at the issue price of 15.1 pence per share.

Julie Lavington co-founder and joint chief executive added: “Today’s announcement coupled with this significant investment heralds a very exciting time for the brand."

“Sosandar intends to expand its market share in the already large and successful, yet still growing online fashion market. Investment will be used to further extend the product range and develop brand awareness amongst potential customers.”

Sosandar launched in September 2016, the brainchild of former Look magazine editor Ali Hall and former Look and InStyle publishing director Julie Lavington, aimed at targeted at a “generation of women who have graduated from younger online and high street brands, and are looking for affordable clothing with a premium, trend-led aesthetic”.

Ahead of its listing on AIM, Thread achieved total gross sales for the 11 months ending July 31, 2017 of 847,000 pounds and net sales (after returns) of 478,000 pounds.

Adam Reynolds, non-executive director, said: “I am delighted that Orogen has found an attractive acquisition opportunity so quickly. Sosandar is operating in a market that is showing growth and it has a highly motivated and experienced management team. With added balance sheet strength, I believe we will be able to accelerate this growth opportunity, benefiting all shareholders in the enlarged group.”