Company News » Off Balance: MySale shares on sale after ‘£’ confusion

Off Balance: MySale shares on sale after '£' confusion

When is £2.26 not 226p? When an IPO's involved, it would seem...

THE FAT FINGER OF DOOM has hit the financial markets, in particular prodding itself in a place that Sir Philip Green would find ‘arkward’, Off Balance has noticed.

No, he didn’t take an analyst’s finger to the hooter, instead the FFoD led to an errant description of the 226p shares of his IPOing Australian fashion website MySale as £2.26. Yes, Off Balance knows that the two figures are effectively the same thing, but financial whizz-kids couldn’t get their big brains around it – thinking that trading had actually begun at 2.26p.

Was it the fault of Macquarie, MySale’s Nomad? That’s the suggestion.

“For clarification, the placing price was 226 pence versus the quoted GBP price today of £2.26,” MySale said in a statement to the London Stock Exchange. “MySale Group plc’s trading currency is currently in GBP, as opposed to British pence as intended.”

So there you go, all cleared up then…hmm…

Was this article helpful?

Leave a Reply

Subscribe to get your daily business insights