MySale non-exec director Bayliss quits on abandoned Australia listing
MySale Group announced Monday non-executive director Mark Bayliss has resigned from the board with immediate effect.
The international fashion and lifestyle retailer linked his departure to the group’s withdrawal of a proposed listing on the Australian Stock Exchange.
In early November, the group, which is listed on the London Stock Exchange, announced a number of board changes in advance of the expected alternative listing, including the appointment of Bayliss.
But on 25 November, it said that “in light of equity market conditions and the performance of a number of IPOs in Australia, the board had decided to withdraw the proposed listing”.
It added: “Mark's resignation reflects the withdrawal of the proposed listing”, with the company thanking him “for his contribution during his tenure”.
Carl Jackson, who has moved from CEO to become executive chairman of MySale, added: “As previously announced, the board maintains the long-term objective of aligning its listing with its operations in Australia and intends to reassess the timing of an ASX listing at the appropriate time.”
In October, MySale announced the arrival of a new chief executive, Kalman Polak, ahead of the proposed Australian listing as the business was “positioned for strong growth in FY22 and beyond”.
Although trading figures for the year to 30 June showed a return to underlying profitability, revenue for the year slipped to A$117 million (£62.5m/€97.6m) from A$131 million in fiscal 2020.
But a “strong operational performance” saw gross profit rise to A$46.4 million from A$43.9 million, while underlying EBITDA lifted to A$4.2 million from a loss of A$2.7 million last time.
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