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Koovs knows no specific reason behind 21% jump in share price

Published: 14:07 18 Apr 2018 BST

Koovs
Koovs requires up to £50mln of further investment

Koovs PLC (LON:KOOV) explained that it knows of no specific reason for the 21% jump in its share price on Wednesday.

The AIM-listed firm said it expects to announce that it has secured interim funding via a loan of £1.5mln from Lord Waheed Alli, a director of the company.

READ: Koovs shares tank as the online fashion retailer warns on full year sales

The online fashion retailer said this interim funding will provide the company with cash resources until the end of August 2018.

In March, Koovs announced that it requires up to £50mln of further investment to fund its acceleration plan. The company said it continues discussions with potential new investors in respect of the funding.

Meanwhile, the fashion retailer said the board would continue to focus on cash preservation.

The firm had cash balances of £3.5mln as of 1 March 2018, with future monthly outgoings forecast to be £0.75mln per month.  

In lunchtime trading, company’s shares jumped 21.3% to 10.5p.

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