LONDON, UK: MYSALE Group, an Australian headquartered online off-price retail platform, is proceeding with an offer of up to A$60 million and listing on the Australian Securities Exchange (ASX).
In conjunction with the listing, MYSALE Group will offer CHESS Depositary Interests (CDIs) in respect of fully paid ordinary shares in the capital of the company to institutional and other investors.
CDIs over newly issued shares, representing, in number, at least A$20 million and up to A$30 million, will be offered by the company under the “Primary Offer”.
Further, CDIs over Shares up to A$30 million will be offered by MYSALE SaleCo Limited under the “Secondary Offer”.
The “Offer Price” of CDIs under the Offer will be determined as part of a Bookbuild. The number of CDIs to be offered under the Offer and the number of CDIs to be offered under the Primary Offer will be determined by Company in consultation with SaleCo and the Lead Manager. The remaining CDIs offered under the Offer, in any, will comprise the Secondary Offer.
SaleCo will acquire existing Shares underlying the CDIs to be sold through the Secondary Offer by conducting an offer to existing eligible Shareholders to tender some or all of their Consolidated Shares to SaleCo at the Offer Price per Consolidated Share.
Further, in anticipation of the above, the company is proposing to consolidate its issued share capital into a lesser number of shares. The Company is also proposing to cancel the admission of its Shares to trading on AIM in March 2022 should the Proposed Transaction proceed.
The elements of the Proposed Transaction and the Cancellation are subject to certain matters, including certain approvals by Shareholders at the Extraordinary General Meeting, as described below in this Announcement. A Circular containing, inter alia, further detail on the Tender Offer and notice of the Extraordinary General Meeting is expected to be published on or following 11 November 2021.
Carl Jackson, Executive Chairman of MYSALE commented: “We are excited to announce this next step in MYSALE’s journey having made significant strategic, financial and operational progress since the implementation of our ANZ First Strategy to focus activities and opportunities primarily in Australia and New Zealand, and to accelerate development of our Marketplace sales channel.
We think an ASX listing represents a logical alignment between our strategy and listing location and will assist with broadening our shareholder base in Australia and New Zealand and look forward to welcoming new shareholders onto our register.
On behalf of the board, I would like to thank Wally and Dow for their contribution and look forward to working with Donna and Mark”
Kalman Polak, CEO of MYSALE commented: “MYSALE has a compelling offering in off-price fashion, beauty and homewares in the online retail market, and active supplier network attracted by MYSALE’s solutions for suppliers’ inventory, brand awareness and revenue needs, a growing Marketplace sales channel displaying an ability to attract and acquire both sellers and customers, a scalable business supported by MYSALE’s technology platform, and an experienced leadership team with extensive online retail expertise.
As CEO I see tremendous opportunities for MYSALE, harnessing our current momentum and leveraging our Marketplace sales channel, launching mysale.com focussing on off-price luxury, expanding our new Own Stock offering, amplifying the MYSALE brands, recruiting more customers and delivering a best-in-class customer experience.”
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