Jeffreys Henry LLP, a more cost-effective Auditor to AIM listed companies, has recently advised online women’s fashion brand Thread 35 Ltd (trading as “Sosandar”) on its £16.1 million reverse takeover of AIM listed cash shell Orogen Plc and subsequent AIM re-admission.
Sosandar was launched last year by former Look magazine editor and publisher Ali Hall and Julie Lavington, with the aim of curating a “one-stop shop for the affluent, professional woman who has graduated from price-led alternatives”. The womenswear brand has completed two seed investment rounds to fund the design of the initial Sosandar fashion range from scratch, to build the ‘mobile-first’ website and develop a scalable supply chain including overseas manufacturers and UK based logistics suppliers.
Orogen Plc, an AIM listed cash shell, has raised £5.3m (before expenses) through a conditional placing of 35,099,338 new Ordinary Shares at 15.1 pence per share, which will be used to finance the development of Sosandar and for working capital.
The enlarged group, to be named Sosandar Plc, is expected to be re-admitted to AIM on November 2, subject to shareholder agreement.
Jeffreys Henry LLP acted as the Reporting Accountant in respect of the Reverse Takeover and subsequent AIM re-admission.