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Noni B to be sold?


noni b storeRevelations struggling fashion retailer Noni B could be set for a takeover, as several parties interested in taking a stake, or complete control, approach major shareholders, since it was revealed they were considering their future with Noni B.

The women’s retailer expects an annual loss of between $1.8 million and $2.2 million because of falling sales.

Its bottom line will take an additional $5.5 million hit from new write downs on the value of Noni B’s intangible assets.

But investors were undeterred, sending Noni B shares 17.5 cents, or 44.87 per cent higher, to 56.5 cents.

It was the biggest percentage jump on the Australian Securities Exchange on Wednesday.

The Kindl family, who own a 40 per cent stake in Noni B, are in talks with the retailer’s independent directors about alternatives for the company’s capital structure.

The independent directors are now reviewing the takeover approaches, and will consider any future ones from potential new owners.

The interest expressed so far remains preliminary, and there is no guarantee of any transaction proceeding, Noni B said.

James and David Kindl are the company’s joint managing directors, while Alan Kindl also sits on the board.

The company caters to women over 40, and currently has 212 stores across Australia.


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