KEY POINTS:
Real estate firm The Joneses said yesterday it was sticking to plans to list via the backdoor on the alternative board, NZAX.
Last month it agreed to the backdoor listing where RLV No.3 would buy all the shares in The Joneses for $13.75 million.
Following this, the directors of RLV would resign and be replaced by representatives to be nominated by The Joneses.
As a part of a capital raising before the listing, RLV shareholders can buy up to $5000 of shares each, at 2.25c apiece.
RLV shares were yesterday up 0.4c to 2.6 cents.
As well, a placement was being made via brokers to private investors before the listing.
The Joneses director Chris Taylor said neither the downturn in the real estate market nor uncertainties in the equity market had affected the planned listing timetable.
"Unlike most IPOs, which are mostly aimed at raising capital from the public, our primary purpose in listing is to give us a structure that will enable us as a company to continue to transform the way real estate is sold in New Zealand in the years to come.
"Consequently, our listing successfully is not dependent on prevailing market conditions."
- NZPA