MySale Group plc, a leading international online retailer, is pleased to announce the Company has conditionally raised proceeds of approximately £11.2 million through a Placing of 560,515,464 new Ordinary Shares at the Placing Price of 2 pence per new Ordinary Share by way of an Accelerated Bookbuild.
The Placing Shares represent approximately 78 per cent. of the Enlarged Issued Share Capital. The Placing Price represents a 58 per cent. discount to the Closing Price of 4.75 pence on 19 August 2019.
The Placing will enable the repayment of the Group’s bank debt, meaning the Group will operate on a debt free basis and is expected to deliver positive cashflow. The Placing will support the acceleration of the Group’s ‘ANZ First’ strategy, transitioning the Group into an ANZ-focused retail marketplace platform, providing a compelling sales channel for domestic and international brands.
The Placing is conditional upon the resolutions being passed at the General Meeting. It is expected that Admission will occur and dealings will commence on 11 September 2019.
Carl Jackson, Chief Executive of MySale, commented:
“During the last 12 months the MySale business has contended with a series of significant challenges, particularly in its core Australian market. Following the recent period of restructuring and the proposed Placing, I am confident that MySale will emerge as a leaner business, focussed on delivering value via the ‘ANZ First’ strategy, with a unique marketplace platform providing a compelling counter seasonal and clearance solution for domestic and international retailers.”
Singer Capital Markets is acting as Nominated Adviser and Broker to MySale Group plc.
About MySale Group plc
MySale Group plc (the “MySale Group”) is a leading international online retailer with established websites in Australia, New Zealand, and South-East Asia. The Group provides compelling value in branded products to its customers and world class inventory management solutions to its brand partners.
Current Market Cap: £7.7 million*
Website: Click Here
*As at 20/08/2019
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