MySale listing to end as Frasers Group buys most of the shares
MySale’s time as a listed company on the London Stock Exchange will soon be over with Frasers Group having succeeded in its aim of acquiring virtually all of the shares.
Frasers announced this week that it owns or has received valid acceptances of the mandatory offer in respect of a total of 991,598,628 MySale Shares. Those shares add up to 95.35% of MySale's existing issued share capital.
The mandatory cash offer for the entire issued and to be issued share capital closed on 1 November.
Frasers has now made an application for the cancellation of the ordinary shares trading on the LSE’s Alternative Investment Market. This cancellation should take effect on 1 December.
Frasers made its offer for MySale in August, with the 2p-a-share price valuing the shares it didn’t already own at less than £14 million.
The company said it “has extensive ambitions to grow its business outside of the UK and is exploring the potential for further international expansion through acquisitions, joint ventures and organic openings”.
Buying MySale should “increase its presence in Australia and the surrounding regions at a faster rate than via organic growth”. It sees the business as “complementary to that of the existing Frasers Group (including providing the opportunity to clear end-of-line Frasers Group products via MySale's established clearance channel). This pipeline will be further enhanced by the benefits of counter seasonality between the European and Australian climates”.
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