KEY POINTS:
'New kid on the block' real estate company The Joneses is planning to list on the stock market early in the new year.
The Joneses will engineer its listing through an agreement with NZAX-listed company RLV No.3 Limited (RLV).
Subject to further capital raising and final shareholder approval, RLV will acquire all the shares in TJRE Holdings, the holding company for The Joneses residential real estate business, for NZ$13.75 million.
TJRE Holdings director Chris Taylor said becoming a listed company was a natural progression for The Joneses.
"We've always believed that New Zealand investors would welcome the opportunity to have a stake in this huge industry that until now has always been in private hands", he said.
While the process of listing the business on the NZAX changed the capital structure of the holding company, Mr Taylor stressed that it was business as usual for the trading company, and that The Joneses was continuing to grow and win customers.
Just a year old, The Joneses has offices in Dunedin, Christchurch, Wellington and Auckland.
Their point of difference in the marketplace is that they sell houses for a fixed fee that is, they claim, "less than half" the average commission paid to real estate agents.
The company was founded by Peter Gilchrist, Chris Taylor, Chris Knox and Peter Botica.
Upon completion of the transaction the current directors of RLV will resign and be replaced by representatives to be nominated by TJRE Holdings. RLV also plans to change its name to The Joneses Group Limited.
The company may also undertake a consolidation of its shares.
