Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Share Capital

v3.19.2
Share Capital
12 Months Ended
Jan. 31, 2019
Disclosure of classes of share capital [abstract]  
Share Capital

21 Share Capital

 

    31 January 2019
NZ$000’s
    31 January 2018
NZ$000’s
    31 January 2017
NZ$000’s
 
29,640,965 (2018: 306,028, 2017: 274,839) Ordinary shares     134,183       68,727       27,948  
                         

 

  (a) Ordinary shares

 

    For the Year Ended
31 January 2019
NZ$000’s
    For the Year Ended
31 January 2018
NZ$000’s
    For the 7 months Ended
31 January 2017
NZ$000’s
 
                   
At the beginning of the reporting period     68,727       27,948       3,108  
Issuance of new shares                        
- Cash collected     23,248       22,990       24,840  
- Settle shareholder loan     12,242       -       -  
- Shares issued in lieu of consultancy fee     692       -       -  
- Shares issued in lieu of inventory payment     4,047       -       -  
Convertible note maturity     4,159       17,789       -  
Business combination with Naked Brand Group Inc.     14,196       -       -  
Asset acquisition of FOH Online Inc.     6,872       -       -  
At the end of the reporting period     134,183       68,727       27,948  

 

The holders of ordinary shares are entitled to participate in dividends and the proceeds on winding up of the Group. On a show of hands at meetings of the Group, each holder of ordinary shares has one vote in person or by proxy, and upon a poll each share is entitled to one vote.

 

The Group does not have authorised capital or par value in respect of its shares.

 

    For the Year Ended
31 January 2019
Number
    For the Year Ended
31 January 2018
Number
    For the 7 months Ended
31 January 2017
Number
 
Naked Brand Group Limited shares issued on close of the merger between Bendon Limited and Naked Brand Group Inc.                        
- Bendon shareholders     20,889,940       274,839       250,000  
- Naked shareholders     2,068,438       -       -  
Shares issued during the period     6,682,587       10,180       24,839  
At the end of the period     29,640,965       285,019       274,839  

 

The number of shares for the year ended 31 January 2018 and 31 January 2017 relate to the pre-merger entity Bendon Limited.

 

  (b) Other equity

 

    31 January 2019
NZ$000’s
    31 January 2018
NZ$000’s
    31 January 2017
NZ$000’s
 
Value of conversion rights - convertible notes     4,159       17,789                     -  
                         

 

The amount shown for other equity is the value of the conversion rights relating to the 15% convertible notes, details of which are shown in note 19(d).

 

  (c) Capital Management

 

The key objectives of the Group when managing capital is to safeguard its ability to continue as a going concern and maintain optimal benefits to stakeholders. Management also aims to maintain a capital structure that ensures the lowest cost of capital available to the entity. The Group defines capital as its equity and net debt.

 

There has been no change to capital risk management policies during the year.

 

Management are constantly adjusting the capital structure to take advantage of favourable costs of capital or high return on assets. As the market is constantly changing, management may change the amount of dividends to be paid to shareholders, return capital to shareholders or sell assets to reduce debt. The Group is not subject to any externally imposed capital requirements.

 

The gearing ratio for the years ended 31 January 2019, 31 January 2018 and 31 January 2017 are as follows:

 

    Note   31 January 2019
NZ$000’s
    31 January 2018
NZ$000’s
    31 January 2017
NZ$000’s
 
Total borrowings   19     22,016       52,121       68,998  
Less Cash and cash equivalents   11     (1,962 )     (10,739 )     (2,644 )
Net debt         20,054       41,382       66,354  
Equity         10,800       (5,710 )     (9,044 )
Total capital         30,854       35,672       57,310  
Gearing ratio         65 %     116 %     116 %