Mysale raises £1.6 million from shareholders
Online fashion retailer Mysale has raised approximately £1.6 million via an open offer.
Shares in the company surged by almost 30% to £2.75 per share on Thursday after the Australian-based firm made the announcement, but fell by 10% during the weekend and were trading at £2.55 on Monday morning.
It follows £11 million raised in a discounted share placing in August, backed by key shareholders Shelton Capital Limited and Schroder Investment Management.
The group, with its portfolio of online flash sales and retail websites in Australia, New Zealand, and South-East Asia, will use the funds to pay down debts and accelerate its expansion in priority markets.
Carl Jackson, CEO of MySale, commented: “Having now completed our Placing and Open Offer, raising total gross proceeds of approximately £12.8 million, and undertaken a significant operational reorganisation, the group now has a fundamentally different structure, operating on a debt free basis and with a strengthened platform from which we can focus on the acceleration of our ‘ANZ First’ strategy.
“Concentrating on Australia and New Zealand, we have scalable and proprietary technology which can effectively support our retail marketplace platform which provides a compelling sales channel for domestic and international brands, particularly through its counter-seasonal and clearance solutions.
“With a strong line-up of brand partners and a skillful and dedicated team, we believe that the future offers significant opportunities for the recapitalised group.”
The company’s restructuring initiatives have included the sale of its UK website and closure of the UK and USA offices to focus on increased opportunities in the Australia and New Zealand region.
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