Minrex Resources (Minrex), a publicly-listed mining company, is one step closer to completing its $6.75 million acquisition of Hello Real Estate (Hello).
The deal is actually a ‘reverse takeover’ and will allow Hello a back-door entry to the Australian Securities Exchange.
An ASX announcement revealed that the two companies have now completed their initial due diligence enquiries. Leadenhall Corporate Advisory has also been appointed to prepare the independent expert’s report ahead of a shareholder vote on the deal.
Hello and Minrex will now proceed to negotiate and finalise the share purchase agreement.
Founding director Phil Horan told REB last month that Hello has 12 licensees in Adelaide, Melbourne and Sydney. Plans are in place to launch in Brisbane by the end of August and then expand into the ACT, Tasmania and Western Australia by the end of 2015.
The ASX announcement also revealed that Hello has hired George Patterson Y&R to run a new marketing campaign which began this week.
The campaign will portray Hello as a “controversial real estate industry disruptor” that offers vendors “value for money and a smarter way to sell”.
It will include large-scale roadside billboards, radio, bus backs and print media, according to the announcement.
Meanwhile, Hello has appointed Matthew Griffiths as chief executive, while Fred Dubash has been installed as chief financial officer.
Minrex will exit the mining business once the reverse takeover is complete.
[Related: Fast-food king joins Hello Real Estate]