Ann: Engagement of Leading Listing Advisors to NASDAQ IPO, page-41

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Ruby15

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23/04/20

14:09

Post #: 44213336
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Originally posted by Galilee13: ↑

Hi E

Like a lot of GMV announcements lately, some significant details are lacking. Anyway, as current equity holders the less dilution at current levels the better. Happy to raise funds at higher price as we need the capital.

In regards to the below, I wouldn't be that keen to sell off part of the US business. Firstly at this point in the business I want to be 100% exposed to the upside as massive growth is coming. Secondly, listing a percentage of a subsidiary is messy and GMV is to small. It's not like its a $100b company spinning off a non core asset.

Furthermore, the Chinese structure is already complicated. The 30% shareholder will want out at some point and hence they explored the HK IPO whereby GMV could tag along and sell down at the some time. If this occurs it's very messy have assets listed on the ASX, Nasdaq and HK all competing for the same capital.

What if GMV could clean up this issue and move to 100% of the Chinese business. This could be done via the Nasdaq IPO. Either issue stock in the head company as compensation for the 30% of the Chinese business. This would then allow them to sell on market over time. Or, raise additional funds via the Nasdaq IPO and pay them out in cash.

Then you would have a very clean 100% of everything structure and if need be an easy duel listing in HK.

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Hi Galilee13,

Your posts are quite creative and challenge one's thoughts, that's why I like reading them. Your business model with the 70/30 will be cause issues further down the track, but to just get the IPO off the ground will be a testament to DR G's business prowess.

Cheers Rubes

GMV Price at posting: 10.5¢ Sentiment: Hold Disclosure: Held
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Ann: Engagement of Leading Listing Advisors to NASDAQ IPO, page-41

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