Fashion, beauty and homewares online retailing group MySale (MYSL) commences a trading update with that half-year “Gross Merchandise Value increased 36% to A$86.7m, reflecting progress in scaling the group's off-price marketplace platform”. So why a current share price of 2.5p, down more than 24%?...
This no-one-watching-week, with the attention of most following Christmas onto the new year, brings from MySale Group (MYSL) a “Directorate Change”. Now why don’t I think this is going to be good news!...
MySale (MYSL) has updated with CEO Carl Jackson emphasising “having taken some critical steps last year to restructure the group for the future, we're pleased to see our counter-seasonal offering beginning to resonate with a number of our brand partners who have relaunched on our marketplace platform over the last six months. We will continue to drive this momentum in ANZ, with our inventory light marketplace, through our new organisational structure and simplified business model, and will look to deliver further progress over the second half”. The market seems unconvinced though – the shares little changed at around 4.35p…
“MySale (AIM: MYSL), a leading international online retailer, is pleased to announce a number of new appointments to the board” – and the shares have responded slightly higher to a current 3.475p…
“MySale (MYSL), a leading international online retailer, is pleased to announce an open offer to raise up to approximately £2.1 million (before expenses) by the issue of 102,887,768 open offer shares in the company at an issue price of 2 pence per open offer share”. It has also just conditionally raised £11.2 million in a placing at the same price – with these after it having IPO’d on AIM just over 5 years ago… at 226p per share!…
Previously writing on MySale Group (MYSL), in June I noted “Strategic Review and Formal Sale Process... with a view to maximising value for its stakeholders”. Uh oh…, concluding Shareholder wipeout ahoy? Certainly still bargepole / sell. Now “Outcome of Strategic Review and proposed Placing”…
When the share price of a small company suddenly rises by more than 240% on no apparent news I am always left wondering who on earth is actually buying after such a huge rise. Often those who are end up getting severely stung, especially when the company itself issues a statement saying that it notes the share price rise and clarifies the current situation and that there is no current reason for it, and that is exactly what seems to be playing out with MySale Group (MYSL)...
Previously writing on MySale Group (MYSL), last month I reviewed previously agreed disposal completes… why the further share price decline? – concluding I thus suggest “trading continues to be very challenging” worrying for the going concern of the group – and I thus bet it “remains focused on reducing its cost base”! Still here, a sell / bargepole. That was at 11p. The shares commenced today at 6.7p – and now “Strategic Review and Formal Sale Process”. With strategic review normally meaning ‘we’re in trouble and currently don’t know what to do about it’, uh oh…
“MySale Group plc (AIM: MYSL), the leading international online retailer, today announces that the transaction to sell the trade and assets of the website cocosa.co.uk… has now been completed… With this disposal complete we can accelerate our 'ANZ First' strategy, which leverages our market position in the region”. What about “leading international online retailer” though? And why, with a deal agreement announced earlier this month and the shares already down from a 226p per share June 2014 AIM IPO and approaching 40p as recently as December, now a further 10% decline to just 11p?...
