You are on page 1of 2

Media Release 1 November 2013

SUNBRIDGE REACHES MINIMUM SHARE SUBSCRIPTION AND SET TO LIST ON ASX


Sunbridge Group Limited (Sunbridge) is pleased to announce it has exceeded the minimum share subscription of A$3,000,000 ahead of its revised offer closing date on 15 November and is well on track to list on the ASX at the end of the month. The Company lodged its prospectus with the Australian Securities and Investment Commission (ASIC) on 15 August 2013 with 50,000,000 shares on offer at an issue price of A$0.20 per share to raise up to A$10,000,000. Due to the three month rule noted in Section 723 (3) (b) of the Corporations Act being passed, the offer was extended on 28 October to allow for additional funds to be invested in the Company. Funds totalling A$3.5 million have now cleared into the Offer account. The revised indicative timetable which is also in the Supplementary Prospectus is as follows: Summary Timetable Lodgement of Prospectus Lodgement of Supplementary Prospectus Opening Date for Offer Closing Date (Last Day for Applicants to lodge Application Forms) Dispatch of Statements of Shareholdings Quotation of Shares on ASX expected to commence 15th August 2013 24th October 2013 28th October 2013 15th November 2013 22nd November 2013 26th November 2013

In commenting on this significant milestone, Andrew Plympton, Director of Sunbridge Group Limited, said: We are very pleased to have exceeded the minimum share subscription at this important stage of the capital raising. As a Company seeking to list on the ASX in what is still a tough and challenging economic climate, there are many obstacles to overcome so to receive such a positive response from the investment community thus far is very encouraging. Sunbridge is a leading retailer of menswear in China with two upmarket and highly successful menswear labels, Pandist and Agueseadan. The Company sells the vast majority of its products on a wholesale basis to distributors, who subsequently sell the products to end customers through more than 400 retail shops and outlets across 28 provinces in China. The largest number of outlets is located in coastal regions, such as Jiangsu, Guangdong and Fujian provinces and Xinjiang. The use of this wholesale distribution method limits the capital expenditure required, which also allows the Company to focus on the all important brand building. Sunbridge has experienced a steady growth in revenue, gross margin and profit, based on its 2012 sales exceeding A$65 million, resulting in a Net Profit After Tax (NPAT) of A$13 million. This success can be attributed to the growth of both the apparel market and the annual disposable income of urban households in China. In commenting on the continued growth expected in the China market, Wayne Reid O.B.E, Chairman of Sunbridge Group Limited, said: Not only have we assembled a strong board of directors, who are experienced in doing business on the international stage, we can rely heavily on the highly experienced and knowledgeable stewardship of Mr Xu and his executive team who know and understand the local retail mens clothing market and its enormous potential for growth and expansion in China. We certainly look forward to welcoming the new Sunbridge shareholders to join us on this exciting ongoing journey and to receive the rewards that we expect to come from a company that is highly focused on delivering a range of quality products to the China market. Our vision is to grow steadily and profitably with the ability to reward our shareholders over time for their patience and support.

ABOUT SUNBRIDGE GROUP LIMITED Sunbridge Group Limited (ASX: SBB) (Company) is a leading retailer of menswear in the People's Republic of China (PRC). The Group owns and operates the PANDIST . and AGUESEADAN . brands of menswear, which are targeted at different age group segments of well-groomed upper middle class gentleman. The Groups menswear products range from formal and business wear to casual and sporting apparel, and are currently sold in over 400 retail outlets across the PRC. As an integrated fashion enterprise, the Group is responsible for the design, sourcing and selling of their products. Founded in 1996, the Business has grown rapidly in recent years. The Groups product s are sold across an extensive distribution network, covering 28 provinces, autonomous regions and municipalities in the PRC and Hong Kong. The Group designs all of its clothing through its in-house design team but it outsources all of its production to Original equipment manufacturer (OEM) contractors which are located in the Guangdong and Wenzhou cities, which are well known apparel production hubs in the PRC. The Group believes that its outsourcing of production to third parties enables it to focus its valuable resources on key design, procurement, warehousing and distribution functions giving the Group a competitive edge. Quality is one of the Groups top priorities, and the Group works closely with its OEM contractors to ensure that all o f its apparel and accessories meet the high quality standards demanded by its target market. Key Company Milestones 1996: Company was founded by Mr Xu Jiayin, Managing Director 2002: Company was awarded Excellent Enterprise Jinjiang City 2003 2005: Pandist brand consecutively awarded Fujian Famous Brand and Fujian Famous Trademarks 2006: Company named Top Enterprise for New Brand by Quanzhou City Government Named Top 100 Popular Youth Brand in Quanzhou City 2007 2011: Consecutively received AA Credit Grade status in Quanzhou City 2008: Awarded Country Top Medium-sized Enterprise by Fujian Statistics Bureau 2009 2011: Consecutively named Good Credit Enterprise by Quanzhou City Trade and Industry Bureau 2011: Named High Credit Standing Enterprise status by Quanzhou City Government and Fujian Administration of Industry Commerce Bureau 2013: Company named Top 10 Influential China Fashion Enterprise For more information please visit: www.sunbridge.com.au

For further information please contact: Rod North, Managing Director, Bourse Communications Pty Ltd T: (03) 9510 8309, M: 0408 670 706, E: rod@boursecommunications.com.au

You might also like