by Ian Walker
Mycel Group plc on Thursday pulled its plans to list on the Australian Securities Exchange, citing current equity market conditions and the performance of several recent initial public offerings in Australia.
The Australian-headquartered online off-price retail platform, which earlier this month announced its plans to list on the ASX and delist from Junior AIM of London, said it would do well with strong growth from its Marketplace platform. continues to do business.
The company said that the gross trading value and gross profit for the first four months of the current fiscal are up 43% and 9%, respectively, compared to the same period a year ago.
“MyCell is debt free and cash positive and is well capitalized and able to support its existing operations such that the company does not require any fresh funding to deliver its forecast,” the company said.
It had planned to raise Australian $60 million (US$43.2 million) as part of its Australian IPO, but this would not go ahead given the company’s decision not to transfer its listing.
Therefore it has canceled the Extraordinary General Meeting because of the vote on the listing plan.
Shares were up 0.45 pence, or 7.1%, at 6.80 pence at 1321 GMT.
Write to Ian Walker at [email protected]