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Monsoon Boss Secures Shareholder Support

Monsoon boss Peter Simon has been given the green light to take the company private by one of its key shareholders.

Simon, the chairman and founder of the company offered 424p a share for the 24.5% of the company he and his family do not already own last week.

This morning shareholders with interests controlled by Powe Capital which holds a 7.7% stake in Monsoon, gave their backing to Simon's plans.

Simon's bid is almost certain to go through. He has already won support for his proposal from US hedge fund Global Opportunities Masters Fund, which holds around 2.3%.

Monsoon issued a profit warning earlier this year blaming the wet weather and problems at its distribution centre. The retailer has also struggled to translate the more formal fashion looks after its Boho handwriting fell out of favour with shoppers.

Total sales for the first 17 weeks of the financial year to 22nd September down 2% down, with like-for-like sales down 9%, compared to 6% down last year. Both UK and International sales were equally affected and suffered similar like-for-like declines.

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