MySale Group PLC - Australia, New Zealand and south east Asia-focused online retailer - Confirms intent to proceed with offering up to AUD60 million, around GBP33 million in CHESS Depositary Interests, as well as a listing on the Australian Securities Exchange.
CDIs over new shares representing ranging from AUD20 million to AUD30 million will be offered under a primary offer, while CDIs worth up to AUD30 million will be offered by subsidiary MySale SaleCo Ltd under a secondary offer.
Number of CDIs under offer and price per CDI will be determined as part of the bookbuilding.
In addition, MySale is proposed to consolidate its share capital on the basis of one consolidated share for every 15 existing shares held. Also, the company is proposing to cancel its listing on AIM on March next year should the transaction proceed.
"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," says Executive Chair Carl Jackson.
"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," Jackson adds.
Current stock price: 7.50 pence, down 5.1% on Thursday
Year-to-date change: down 23%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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