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Pure London mulls equity fundraise

The organiser of leading British fashion fairs Pure London, Moda and Jacket Required, Hyve Group, , has confirmed that it is considering an equity fundraise to mitigate the impact of Covid-19 on the business. The company said it was continuing “to take decisive action and is reviewing all options to secure the group's long-term financial position”, including a potential equity fundraise. It also said it is “engaged in constructive dialogue with the group's lenders in relation to covenant headroom and facility flexibility and has already secured a waiver of the June 2020 covenant tests under its debt facilities.” Further adding, “The board remains confident that the group's strategy of focusing on market-leading events provides a strong platform to return to growth post the current crisis and its priority remains to safeguard the group's customers, colleagues and communities during this period of uncertainty.” The fashion trade fair industry has been hit hard by the coronavirus pandemic, with leading shows in Paris such as Tranoï and Unique being cancelled, and Pitti Uomo in Milan being pushed back from its usual dates in June to September. The government had first announced a 21-day lockdown, effective 25 March, to contain the spread of coronavirus that led to the suspension of most economic activities. On Tuesday, Prime Minister Narendra Modi announced the extension of the national lockdown till May 3 to continue its battle against the deadly virus. The industry has been pitching for a massive fiscal stimulus package to support people who have lost their sources of income and whose businesses are on the verge of collapse due to the lockdown. Industry body Federation of Indian Chambers of Commerce and Industry (FICCI) had said there is an immediate need for a stimulus of as much as ? 9-10 trillion. According to a Business Standard report, former chief economic advisor (CEA) Arvind Subramanian said the government will have to spend ?10 trillion--an amount equivalent to 5% of India’s GDP--to deal with the disruption caused by the pandemic. Finance minister Nirmala Sitharaman had last month announced a ?1.7 trillion financial assistance package, including cash transfer and food security measures for the poor, to help them mitigate the impact of the lockdown. (Source: Mint)

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