TIDMNBU
RNS Number : 8932A
Naibu Global International Co PLC
05 April 2012
Naibu Global International Company Plc
("Naibu", "the Company" or "the Group")
Admission to AIM - First Day of Dealings
Naibu, the proprietary brand name of Naibu Global International
Company Plc, designs, manufactures and supplies Naibu branded
sports shoes, and designs and supplies Naibu branded clothing and
accessories in the People's Republic of China, is pleased to
announce the admission today of the Company's no par value shares
to trading on AIM, a market operated by the London Stock Exchange
("Admission") and the commencement of dealings under ISIN:
JE00B648L531, TIDM: NBU.
Highlights
-- Daniel Stewart, the Company's nominated adviser and broker,
has placed 4,838,716 new ordinary no par value shares ("Shares") on
behalf of the Company raising approximately GBP6m before expenses
("Placing"). The new Shares were placed at a price of 124 pence per
Share, implying a market capitalisation of Naibu on Admission of
GBP68m.
-- The Group intends to use the net proceeds of the Placing,
alongside cash generated from the business, to implement its
strategy to expand its operations by building a new shoe production
factory for the Group in central or western China. This factory
will increase the Group's current shoe production capacity. The
Group has also entered into an agreement to purchase its existing
factory in Jinjiang. The Directors believe this will improve Group
profit margins, delivery time and quality control.
-- Experienced Board with strong industry and business
expertise, and strong Independent Non-Executive representation.
-- Naibu is a recognised brand in the Chinese sportswear market.
In a recent study commissioned by the Group and written and
published by Frost & Sullivan on 8 December 2011, the Company
was ranked as the tenth largest Chinese sportswear brand.
-- The Group has an estimated market share of 3.6% of the local
brands in the student sportswear market and an overall market share
of 1.4% of the local sportswear market in China.
Mr Huoyan Lin, Executive Chairman, commented:
"The successful admission to AIM represents an important
platform for the Company and the Board believes that we can build
substantially from our current position with the aim of growing the
business further. We would like to thank our existing supporters
and we are delighted to welcome our new investors".
Board
Mr Huoyan Lin, Executive Chairman
Mr Huoyan Lin is the Executive Chairman and co-founder of Naibu,
which he established 6 years ago. He has extensive experience in
almost every process in the footwear sector, having spent over 20
years' in the shoe and sportswear industry. During this time Mr
Huoyan Lin has gained recognition from distributors and contacts
within the industry.
Mr Chi Keung (Kenny) Law, Chief Financial Officer
Mr Law was appointed Chief Financial Officer of the Group in
October 2011. Mr Law has over 30 years' of experience in finance
and administration in various industries across China, Hong Kong
and Singapore including auditing, clothing and oil and gas. Mr Law
is a qualified Accountant and is a member of CPA Australia. He
holds a Masters degree in Business Administration from the
University of Southern Queensland and Master of Business in
Professional Accounting from Victoria University of Technology,
both in Australia.
Mr Congdeng Lin, Vice President of Production
Mr Congdeng Lin is the Vice President of Production for the
Group. He joined the Group in 2005 and has over 20 years'
industrial management experience specifically in the clothing and
shoe industry. From 2002 until 2003 he was the Production Manager
of Quanzhou Naibu Sportswear Company Limited and was the Purchasing
and Production Manager from 2003 until 2005.
Mr Giles Elliott, Non-Executive Deputy Chairman
Mr Elliott is an investment banker who has extensive experience
with Asian companies, having worked with Schroders Asia Limited in
Hong Kong for several years. He is a qualified Chartered Accountant
with over 30 years' investment banking experience. He is a former
group chief executive of Bridgewell Group Limited, a specialised
mid-market investment bank. He is also a former chairman and chief
executive of ODL Group Limited and is currently a non-executive of
the major international publishing company, Macmillan Limited.
Mr David Thomas, Non-Executive Director
Mr Thomas is a UK qualified solicitor with over 20 years' of
experience practising corporate finance law before moving into
investment banking. Since 2002, he has been working independently
on various projects involving Hong Kong, China, Malaysia and
Singapore including working with Chinese enterprises wishing to
raise capital overseas. Currently, he is involved with several
companies which have Asian-based businesses and which are either
admitted or intending to be admitted to AIM.
Mr Stephen Cheung, Non-Executive Director
Mr. Cheung is an investment banker with nearly fifteen years
experience in investment banking, including two years as a member
of the Executive of the UK Takeover Panel. He was most recently
Head of Financial Sponsors, Asia at UBS in Hong Kong where he
worked with Asian and Chinese businesses to raise capital in both
public and private markets. Prior to that, he was at Bridgewell
Group where he assisted a number of businesses list on AIM and at
Merrill Lynch, where he was a member of the European Mergers &
Acquisitions Group, both in London. He is a UK qualified
non-practising Barrister at Law and a Chartered Accountant.
Overview
The Directors believe the Naibu brand is a key driver to the
success of the Company. Naibu's distinctive orange ring-shaped logo
is inspired by "nuclear fusion" to symbolise energy and is highly
recognisable by its striking colour and design.
The Group designs, manufactures and supplies Naibu branded
sports shoes, and designs and supplies Naibu branded clothing and
accessories. Naibu products target the mass-market, focussing
primarily on students and young adults aged between 12 and 35,
offering them branded sports fashion at a reasonable price. During
2011 the Group had approximately 325 live product lines from which
56% of sales were generated from shoes and 41% from clothing,
respectively while the balance comprised branded accessories. The
Group sells its products to independent regional distributors who,
at the end of September 2011, collectively operated 2,810 Naibu
branded stores and sales outlets in 21 provinces and 3
municipalities across China.
The Group has a strong research and development ("R&D") team
consisting of approximately 92 employees, which in the Directors'
opinion, is vital to the success of the brand. The R&D
department consists of three teams comprising design, product
development and technology development. The overall design of the
shoes and clothing is supervised by the Executive Chairman, Mr
Huoyan Lin. The Group leases two factories comprising of eight
production lines; producing approximately 6.15 million pairs of
shoes per annum.
The Chinese sports shoe and apparel industry is a growing
market, and it is the Directors' belief that the Chinese sports and
clothing sector will continue to grow in the future owing to the
continued expansion of China's retail market as a result of strong
economic growth. In order to take advantage of this growth, the
Group's strategy is to capture retail growth within third and
fourth tier cities, where international competition is limited and
to focus on reducing the amount of outsourced manufacturing. This
will reduce the Group's costs of production and improve the product
quality and delivery time of Naibu branded products.
The Directors consider that Admission will assist in achieving
the Group's strategy by enhancing the Group's profile and the Naibu
brand.
A copy of the Admission Document is available on the Company's
website - www.naibu.com.
Contact:
Naibu Global International Company Plc
Mr Kenny Law, Chief Financial Officer
Tel: +86 591 8820 5517/ +86 150 5948 7576/ +65 91060910
Daniel Stewart & Company plc
(Nominated Adviser & Broker)
Paul Shackleton/Jamie Barklem/ Martin Lampshire
Tel: +44 (0) 207 776 6550
First City Tavistock
(Public Relations Adviser)
Allan Piper/ Lei Jiang Tel: +852 2854 2666
Simon Hudson/ Kelsey Traynor Tel: +44 (0) 20 7920 3170
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCIAMITMBAMMMT
Naibu Global (LSE:NBU)
Historical Stock Chart
From Nov 2024 to Dec 2024
Naibu Global (LSE:NBU)
Historical Stock Chart
From Dec 2023 to Dec 2024
