Minrex, Aleator join backdoor listings wave

08/07/2015 - 11:29

Two local miners have announced plans to exit the resources industry and move into other fields, by way of backdoor listings.

Minrex, Aleator join backdoor listings wave
Vonex chief technology officer Angus Parker (left), with co-founder Brydie McKee.

Two local miners have announced plans to exit the resources industry and move into other fields, by way of backdoor listings.

Minrex Resources has proposed to wholly acquire Hello Real Estate in exchange for 45 million shares at 15 cents each, with the deal valued at $6.75 million.

Minrex will also issue performance shares, subject to the achievement of certain milestones.

For the deal to be successful, the company will be required to complete a minimum $5 million capital raising in order to comply with ASX re-listing rules, and will be conditional upon the receipt of a fair and reasonable report by an independent expert.

Upon completion of the deal, Hello chairman Bob Lapointe will retain his role while the board will consist of three other nominees from Hello – Philip Horan, Trish Mewett and Marcus Cann – while Minrex executive director Simon Durack will remain on the board as a non-executive director.

The company’s name will be changed to Hello Real Estate Limited.

“This strategic shift in direction is one that will see us emerge fully funded for growth in an exciting new field with enormous upside for all shareholders, as a disruptor in the Australian property market,” Mr Durack said.

“Hello is set to really shake up the current players in the real estate market, introducing an innovative and comprehensive new offering that will enable increased support and guidance for home buyers and sellers in a more efficient and cost effective structure.’’

The company expects to begin trading under its new name and business model by December 9.

It is Minrex’s second attempt at a backdoor listing, after plans of a reverse takeover by private firm Skin Elements, a sunscreen and cosmetics company steered by former New Tel head Peter Malone and corporate adviser Luke Martino, were dropped last year.

Meanwhile, Aleator Energy has announced plans to acquire Perth-based technology company Vonex.

Aleator has entered into a heads of agreement to wholly acquire Vonex, which develops communications and cloud-based technology.

“We are impressed with the management proprietary intellectual property and significant growth potential to quickly move into a global market,” Aleator executive director Mark Rowbottam said.

Vonex has a strong core business with solid revenue generation and brings with it a talented team of telecommunication engineers.”

If the deal is successful, Vonex co-founder Brydie McKee will assume the role of chief executive of the new business, while Mr Rowbottam will remain as a director.

The company plans to relist on the ASX under the name Vonex Limited.

Shares in Minrex were 17.6 per cent higher to 10 cents each, while Aleator shares jumped 20 per cent to 0.6 cents at 11:30am.

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