http://www.smh.com.au/news/technology/wotifs-dotcom-float-to-libe...

http://www.smh.com.au/news/technology/wotifs-dotcom-float-to-liberate-170m-for-founders/2006/04/25/1145861346429.html

Wotif's dotcom float to liberate $170m for founders

By Colin Kruger
April 26, 2006

ONLINE accommodation website Wotif.com.au announced details of its forthcoming float yesterday, lodging a prospectus valuing the company, founded one month before the dotcom bubble burst in April 2000, at more than $400 million.

The float will give Wotif's current shareholders a chance to sell down their holdings and reap a reward of up to $172 million from the sale to institutional investors, and retail clients of the float managers, ABN Amro Morgans and Macquarie Bank.

Wotif's investors plan to sell 86 million of the 202 million shares they hold into the float at $1.75 to $2 a share, according to the prospectus. The offer opens on May 9 with the shares expected to start trading on Thursday, June 8.

The main benefactors from the selldown include company founder and chief executive Graeme Wood, who could receive $42 million for the 21 million shares he is selling and who will retain a 25 per cent stake.

Wotif director Kevin Fitzpatrick is selling 36.8 million shares and Queensland farmer and investor Lyn Brazil is selling more than 16.6 million shares into the issue.

Mr Wood confirmed Wotif had had talks with several big media companies but the investors decided it should retain control of its own destiny rather than relinquish it through a trade sale.