Frasers Group has confirmed a total shareholding of 95.35% of shares in Australian online fashion marketplace MySale.
Frasers Group confirmed that on acquiring over 75% of shares, it would explore options to cancel the admission of MySale shares to trade through the Alternative Investment Market (AIM) on the London Stock Exchange.
Frasers Group confirmed it intends to exercise its right to compulsorily acquire the remaining capital under the same terms of its initial mandatory offer of GBP2 pence per share.
Frasers Group first acquired a stake in the business in July, seeking a clearance channel for excess inventory.
“This pipeline will be further enhanced by the benefits of counter seasonality between the European and Australian climates," Frasers Group stated in its filing.
Founded in 2007, MySale currently operates retail websites in four markets including Australia, New Zealand, Singapore and Malaysia. These sites include Oz/Sale, NZ/Sale, My/Sale and Sing/Sale.