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Koovs knows no specific reason for share price jump
AIM-listed online fashion retailer Koovs said on Wednesday that it is not aware of any specific reason for the jump in its share price.
The company said it expects to announce shortly that it has secured interim funding via a loan of £1.5m from Lord Waheed Alli, a director of the company. This will provide the group with cash resources until the end of August.
In addition, the board actively continues the previously announced dialogue with potential new investors in respect of the £50m funding requirement and will update the market in due course.
Last month, Koovs updated the market on its strategic acceleration plan, saying it would need up to £50m of further investment to carry this out and that in the immediate term, it would continue to focus on cash preservation.
It also said that it had cash balances of £3.5m, with future monthly outgoings expected to be £0.75m a month.
Chairman Waheed Alli said at the time: "With over £70m invested in Koovs to date and with a series of business building successes achieved there is a clear opportunity to capitalise on the platform that we have built to unlock superior shareholder value over the coming years."
At 1540 BST, the shares were up 6.4% to 9.20p, having hit a high of 14.45p earlier.