Ausnet Real Estate seeks ASX listing

14/12/2015 - 12:17

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Doubleview-based Ausnet Real Estate Services, which is backed by mortgage aggregator Finsure and led by chief executive Paul Niardone, is seeking an ASX listing through a reverse takeover of Namibian Copper, which saw its share price crash by more than 50 per cent after the deal was announced.

Ausnet Real Estate seeks ASX listing

Doubleview-based Ausnet Real Estate Services, which is backed by mortgage aggregator Finsure and led by chief executive Paul Niardone, is seeking an ASX listing through a reverse takeover of Namibian Copper, which saw its share price crash by more than 50 per cent after the deal was announced.

Ausnet offers a range of property, investment, financial planning and insurance services, including through THE AGENCY, a real estate company launched in August this year.

Since then its sales pipeline has grown to over $80 million, recording its 100th listing at the start of the month.

Namibian will wholly acquire Ausnet and adopt its business model in exchange for 133.3 million shares at 3 cents each, valuing the deal at $4 million.

It will also issue $4 million worth of performance shares, subject to the achievement of revenue milestones, and will conduct a minimum $3.5 million capital raising at a planned 3 cents per share, in compliance with ASX relisting rules.

Namibian shares lost 57.1 per cent to 0.3 cents at the close of trade.

The planned capital raisings and share issues will be after a 10-for-1 share consolidation.

Ausnet is led by the founder and former managing director of Professional Public Relations WA and Business News 2006 40under40 winner Paul Niardone.

Other Ausnet directors are Beaufort Realty principal Jonathan Adams, Regency Partners director Philip Re, Porter Matthews Group's Robin Lees and Mills Oakley Lawyers partner Patrick Thaung.  

Mr Niardone and other Ausnet board members are expected to replace existing Namibian directors when the two companies combine, while ICollege executive chairman Ross Cotton will also join the board of the new company.

Mr Cotton was also involved in the seeding and backdoor listing of online recruitment company 1-Page.

Namibian will also undertake a $518,290 rights issue to help fund acquisition and due diligence costs.

If the deal goes ahead, the company will change its name to “Ausnet Limited” and will seek to divest Namibian’s existing assets.

It hopes to begin trading on the ASX by mid-May.

Meanwhile, Sydney-based tech startup Nvoi has become the target of a reverse takeover by Perth company Orrex Resources, in an $8.15 million deal.

Orrex has offered about 169.8 million shares to buy Nvoi, which owns a cloud-based intermediation platform for contract workers and hiring managers.

In a statement, Orrex said its cash at bank combined with Nvoi’s available funds would equal about $3 million, and would evaluate the need to raise additional capital as the acquisition develops.

The news sent Orrex shares surging to close 209.5 per cent higher at 13 cents each.

Orrex director Jeremy Bond said Nvoi ticked all the boxes of a tech startup.

“It addresses a global market, has scalability operating on one of the world’s leading PaaS platforms being Salesforce, has completed a comprehensive beta test that attracted leading corporate signups and launches live in the first quarter of 2016,” Mr Bond said.

“The hiring agencies still enjoy unrealistic margins and Nvoi will truly disrupt this global industry with its full-stack employment of record solution with significant cost advantages and ease of hiring being key advantages.”

If the deal is successful, Orrex will change its name to “Nvoi Limited” while three independent non-executive directors will join the company.

It hopes to begin trading in March next year.

 

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