Login
Truman Hoyle backs internet stock
Truman Hoyle acted for the Mooter Media group in its successful reverse listing on the Australian Stock Exchange and subsequent share issue. Dibbs Abbott Stillman acted for the listed vehicle,
Lawyers Weekly
Truman Hoyle acted for the Mooter Media group in its successful reverse listing on the Australian Stock Exchange and subsequent share issue. Dibbs Abbott Stillman acted for the listed vehicle, which was formerly Pacsoft Limited.
Mooter Media develops and provides internet advertising targeting tools which can predict, personalise and deliver the most relevant advertisement to web pages.
Truman Hoyle managing partner Shane Barber said one of the challenges of the transaction was that it wasn’t a “bricks and mortar float” but an internet stock.
“There is generally some reluctance still in the market to back Internet stock. But the difference with this particular float was that it was proven patented technology, or patent pending technology, with some key customers backing it.” Overture, a subsidiary of Yahoo, was one company using the technology in a number of jurisdictions around the world.
Barber said there were also challenges in ensuring the ASX requirements in relation to spread (the number of small investors taking the stock) were met.
The transaction was completed by selling the Mooter Media companies into an existing listed vehicle, Pacsoft Limited, which had sold all its businesses and was sitting dormant.
Steven Goodman was lead partner on the transaction at Truman Hoyle, assisted by Barber. Ann Kearney led the Dibbs Abbott Stillman team on the transaction.
Truman Hoyle recently acted for the group in its negotiation of extensive licence arrangements with Overture, and is now assisting the group with its commercial operations throughout East Asia.
