Frasers Group acquires further MySale shares
Sports Direct owner Frasers Group has taken a step forward in its efforts to acquire MySale after having its mandatory cash offer for further shares in the flash sale business accepted.
MySale’s board turned down Frasers’ offer of 2p per share for the remainder of the Australian company last month, saying that it did not reflect an adequate value or premium for control of MySale and therefore undervalued Mysale and its prospects.
Frasers said today that it has acquired 100,000,000 shares from Jackson Family Capital as well as 62,145,385 from the company’s founder and chairman, Jamie Jackson.
It has also swapped its interest in contracts for difference into 1,400,000 MySale shares and purchased 13,161,748 by means of market or other purchases.
In a further move, it has agreed to purchase a further 1,000,000 MySale shares from others in the market which, once settled would mean it holds 50.1% of issued share capital,
Frasers said in a statement to the London Stock Exchange today: “If Frasers receives acceptances under the mandatory offer in respect of, and/or otherwise acquires or contracts to acquire, 90 per cent. or more of the MySale shares to which the mandatory offer relates and assuming that all of the other conditions to the mandatory offer have been satisfied or waived (if capable of being waived), Frasers intends to exercise its rights in accordance with Part 18 of the companies Jersey Law to acquire compulsorily the remaining MySale shares on the same terms as the mandatory offer.
“If the mandatory offer becomes or is declared unconditional in all respects and if Frasers then holds 75% of the issued share capital of MySale, Frasers will consider making an application for the cancellation of the admission of MySale shares to trading on AIM.”
