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ASX AND MEDIA ANNOUNCEMENT


7 October 2015


MINREX ANNOUNCES THE SIGNING OF A SHARE PURCHASE AGREEMENT WITH ALL HELLO SHAREHOLDERS


KEY POINTS
  • MinRex signs SPA with all shareholders of Hello
  • Notice of Meeting to be sent to all MinRex shareholders before the end of month
  • Hello continues with brand launch and attracts media interest
  • Indicative timetable updated


SHARE PURCHASE AGREEMENT EXECUTED

MinRex Resources NL (ASX:MRR) (MinRex) is pleased to announce that it has entered into a Share Purchase Agreement (SPA) with all the shareholders of Hello Real Estate Limited (Hello).


The proposed acquisition of all of the shares in Hello is still conditional upon, amongst other things, approval by MinRex shareholders, regulatory approvals, MinRex raising a minimum of

$5 million (before costs) and MinRex re-complying with Chapters 1 and 2 of the ASX Listing Rules. A notice of meeting and explanatory memorandum convening MinRex's annual general meeting (Notice of Meeting), together with the Independent Expert's Report focusing on the fairness and reasonableness of the proposed acquisition, are currently being compiled, and will be sent to all MinRex shareholders before the end of this calendar month.


The likely effect of the proposed acquisition will be set out in the pro-forma balance sheet that will be attached to the Notice of Meeting. MinRex is not able to estimate the impact on its future revenues and profitability at this time, given that Hello is in the start-up phase of its operations.


HELLO UPDATE

Throughout the month of September, Hello continued with its marketing launch involving extensive radio, billboard and bus-back coverage throughout Sydney. Hello has also received extensive coverage in the media. Channel 9 National News ran a story on Hello and there has been continuing media interest.

ASX / MEDIA ANNOUNCEMENT SPA SIGNED WITH ALL SHAREHOLDERS OF HELLO REAL ESTATE LIMITED


Hello also continues to attract interest in its engagement of people as satellite business units (SBUs). A number of VOW Mortgage Brokers have joined the Hello team in that capacity, following the holding of joint seminars with VOW Brokers in Sydney, Melbourne and Brisbane.


INDICATIVE TIMETABLE UPDATE

Following some unavoidable delays in the earlier indicative timetable, set out below is a revised timetable:


No.

Event

Date*

1.

Dispatch Notice of Meeting and Independent Expert's Report

22 October 2015

2.

Lodge Prospectus

9 November 2015


3.

Annual General Meeting held; Trading in MinRex Shares is suspended

23 November 2015


4.

Offer Period opens

23 November 2015

5.

MinRex capital reduction takes place; Options issued to previous partly-paid shareholders

7 December 2015

6.

ASIC gazettes proposed conversion to public limited company

10 December 2015

7.

Offer Period closes

10 January 2016

8.

MinRex is converted into public limited company

10 January 2016

9.

Completion occurs, being:

  • MinRex issues shares under the Offer

  • MinRex acquires Hello Real Estate Pty Ltd

  • MinRex issues the Consideration Shares and the Performance Shares

  • MinRex changes its name to Hello Property Group Limited

  • proposed directors are appointed

January 2016

10.

Shares issued under the Offer are quoted on ASX

January 2016

* Note: Dates are indicative only and are subject to change. Some of the dates listed are outside of the Company's control and are estimates only.


For all enquiries, please contact:


Simon Durack Philip Horan

Executive Director Director


MinRex Resources NL Hello Real Estate Limited Ph: (08) 9486 8806 Ph: 0412 042 615
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