Frasers has urged MySale shareholders to accept its 2p per share offer, and warned if it failed to garner full support it could delist the business from the stock exchange.
In an acceptance level update issued to the City this morning, Frasers said that as of close of business Friday only 0.12% of MySale representative shares had voted in favour of the mandatory offer it made for the fashion retailer last week.
Frasers Group said it didn’t know of any other parties interested in acquiring MySale, and urged shareholders who had not accepted its offer to “do so as soon as possible” before the November 1 deadline.
The retailer said, if it acquired 90% or more of the shares to which the mandatory offer relates, it would compulsorily acquire the rest under Jersey Law.
If it only acquired 75% of the shares by the deadline, Frasers warned it could “consider making an application for the cancellation of the admission of MySale Shares to trading on AIM”.
Frasers added that being delisted from the stock exchange would “significantly reduce the liquidity and marketability of any MySale Shares” and “the value of any such MySale Shares may be adversely affected as a consequence”.
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