ADIL Adili

    RNS Number : 4970C
  Adili PLC
  02 September 2008
   

    AIM: ADIL

    Adili plc

    ("Adili" or "the Company")

    Trading Update

    Adili plc, the online ethical fashion retailer, announces a trading update for the Spring/Summer 2008 trading period.

    The Directors have been encouraged by the development of the business to date. Significant progress has been made in building consumer
awareness of the Adili brand as a leading name for ethical clothing and accessories and the management is in the process of putting in place
a strong platform for growth.  

    To provide the additional funding that the Company requires to finance its short and medium term working capital needs and its continued
investment in the Adili 'own label' range, the Company is currently pursuing further financing. Hawk Investments Holdings Limited ("Hawk"),
the Company's largest shareholder owned by Bob Morton, representing 27.36% of the issued share capital, has indicated that it intends to
subscribe for its pro-rata amount in a proposed new issue of shares and that it intends to subscribe, if required and subject to the
granting by the Panel on Takeovers and Mergers of a waiver of any obligation on Hawk to make a general offer pursuant to Rule 9 of the
Takeover Code and subject to shareholder approval thereof, for additional shares so as to fully satisfy the Company's funding requirement.
It has indicated that it is prepared to subscribe for new shares at a price of 5.5p per share and by the end of September 2008. 

    Sales volumes and revenues for the first three months of the new financial year have grown by in excess of 100%compared to the same
period last year. The Sale period has been successful in clearing seasonal stock, albeit at lower margin than normal. Final results for the
year ended 30 April 2008 will be announced in late September when the Board looks forward to updating shareholders in more detail.  

    Enquiries:

 Adili plc                     T: 01258 837 437
 Adam Smith, Chief Executive
 Officer
 Christopher Powles, Finance
 Director

 John East & Partners Limited  T: 020 7628 2200
 David Worlidge
 Bidhi Bhoma

 Biddicks                      T: 020 7448 1000
 Katie Tzouliadis
 Sophie Lane


This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
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