Solomon Lew’s Australian Retail Investment is understood to have backed Country Road Limited’s
(ASX:CTY) entitlement offer.
In a statement made after the market closed on Friday the fashion retailer revealed it has received 11.8 per cent acceptances under its entitlement offer from shareholders other than its 87.9 per cent shareholder, South African company Woolworths.
Solomon Lew’s Australian Retail Investment has an 11.8 per cent stake in Country Road and Country Road says it welcomes the participation of all shareholders in the entitlement offer.
Country Road is aiming to raise $92 million to purchase Witchery Australia Holdings for $172 million from Gresham Private Equity.
Shares in Country Road last traded at $3.28.
In the 2012 financial year, Country Road’s net profit dipped 11 per cent to $16.1 million.
