"Sino Securities is advising Melbourne-based loyalty rewards scheme Priority One Network Group on what is shaping up to be a $300 million listing." "Sino director Richard Li is running the deal. Li is also executive chairman of GoConnect, a $30 million listed internet protocol TV (IPTV) provider which is working with Priority One to provide IPTV as part of the rewards program."
"Advisory firm William Buck has been asked to value the company ahead of the prospectus being lodged with the Australian Securities and Investments Commission."
"Capital raised as part of the IPO is expected to come from sophisticated investors and the stock sold before the prospectus islodged. The bulk of the shares will be owned by Priority One seed investors and GoConnect shareholders. The independent valuation shapes up as a key part of the process. Priority One was valued at $273.2 million last year, according to a GoConnect ASX announcement."
GCN Price at posting:
3.0¢ Sentiment: Buy Disclosure: Held
