buyMyplace.com.au, which helps people sell their homes without using a real estate agent, is going for a backdoor ASX listing via the tiny miner Killara Resources.
Killara, a coal miner in Indonesia, will acquire 100% of the self-managed, home sale property focused website www.buyMyplace.com.au by issuing shares to the value of about $5 million.
The company will then re‐list as BuyMyplace.com.au Ltd.
buyMyplace.com.au has been in business since 2009 and has annual revenues of $1 million and net profit of $200,000 in the past two financial years.
Killara chairman Matthew Driscoll says less than 2% of residential sales in Australia are by owners directly. In the US it is 20%.
“This represents what we believe to be an attractive disruption opportunity for investors using an online presence in a traditional market,” Driscoll says.
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