International online retailer MySale has announced the termination of the formal sale process under the UK City Code on Takeovers and Mergers.

On 24 June this year, the retailer commenced a strategic review that included a sale of the entire company and certain parts of the group.

MySale has proposed a placing of a minimum of £10.0m before expenses through a conditional placing of new ordinary shares at a price of 2 pence per ordinary share.

Nplus1 Singer Advisory will conduct the placing via an accelerated bookbuild process.

MySale plans to use the net proceeds to repay and restructure existing bank facilities under the conditional banking agreement, as well as manage its short-term funding requirements.

This will allow the retailer to operate the business on a debt-free basis and help to deliver positive cashflow.

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“Following the recent period of restructuring and the proposed placing, I am confident that MySale will emerge as a leaner business.”

The transaction will also accelerate the company’s ‘ANZ First’ strategy, which allows it to transition the business into an ANZ-focussed retail marketplace platform and offer a sales channel for domestic and international brands.

MySale CEO Carl Jackson said: “During the last 12 months, the MySale business has contended with a series of significant challenges, particularly in its core Australian market.

“Following the recent period of restructuring and the proposed placing, I am confident that MySale will emerge as a leaner business, focused on delivering value via the ‘ANZ First’ strategy, with a unique marketplace platform providing a compelling counter-seasonal and clearance solution for domestic and international retailers.

“Our focus is now on accelerating the transition to a marketplace platform, by exiting the majority of our online inventory and operating an inventory-light model.”

The retailer also plans to launch a proposed open offer for up to approximately £2m and will also focus on enhancing its flexible and scalable proprietary technology platform and other innovations, including the ‘buy-now, pay-later’ OurPay platform.

The company plans to offer an opportunity to international brands to access its customer base in ANZ and South East Asia through a new solution.

MySale has also signed a strategic marketplace partnership with a European online luxury fashion retailer and is currently in talks with further domestic and international retailers.

The group will appoint three new additional non-executive and executive directors, including a CFO to its board.

Jackson continued: “Following the changes outlined today the group’s founder and current executive vice chair, Jamie Jackson, has decided to step down after the forthcoming General Meeting.

“Both the board and I would like to thank Jamie for his vision, drive and leadership and we wish him all the best for the future.”