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Sunday, February 25, 2024 9:44:09 AM
November 31, 2022
Share
Frasers Group plc (LSE:FRAS) agreed to acquire remaining 71.3% stake in MySale Group plc (AIM:MYSL) for £13.6 million on August 17, 2022. As per the terms, Frasers Group offered £0.02 per Mysale share. The Offer will be financed from the existing cash resources of Frasers Group. The Board of MYSALE did not receive an approach, nor had any discussions, regarding the Offer prior to the publication of the announcement by Frasers Group. As of September 16, 2022, The MySale Directors do not consider the terms of the offer to be fair and reasonable and therefore recommend that MySale shareholders do not accept the offer. As of October 13, 2022, The board of MySale unanimously recommends the shareholders to accept the offer. As of October 18, 2022, the offer has become unconditional. As of September 26, 2022 Frasers Group plc received an irrevocable commitment to acquire remaining 71.3% stake in MySale Group plc from Jackson Family Capital Pty Limited, Lynchwood Nominees Limited and Jackson Future Funds Pty Limited. As of September 26, 2022 Frasers Group plc acquired 162 million shares from Jackson Family Capital Pty Limited and Jamie Jackson. 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. As of October 27, 2022, Frasers had received valid acceptances in respect of a total of 1,347,981 MySale Shares, representing approximately 0.13% of MySale's existing issued share capital, which may count towards satisfaction of the Acceptance Condition. Frasers now holds 691,327,967 MySale Shares representing approximately 66.48% of MySale's entire issued share capital as at October 27, 2022. Tender offer is expected to be completed by November 1, 2022.
Luke Bordewich, Stuart Ord and Ollie Steele of Numis Securities Limited acted as a financial advisor to Frasers Group plc. Mark Taylor, Justin McKeegan of Singer Capital Markets acted as financial advisor to MySale Group plc.
Frasers Group plc (LSE:FRAS) completed the acquisition of MySale Group plc (AIM:MYSL) on November 1, 2022.
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