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Minrex Resources NL : Notice of Annual General Meeting and Proxy Form to be held on Monday 23 November 2015 at 10.30am (WST)

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10/22/2015 | 03:16am CEST

4f46c094da9092ea8c5794.pdf


MinRex Resources NL ACN 151 185 867‌‌‌‌‌‌‌‌‌‌‌


Notice of Annual General Meeting‌‌‌ to be held on Monday 23 November 2015 Explanatory Memorandum


THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. IF YOU ARE IN ANY DOUBT ABOUT THE ACTION YOU SHOULD TAKE, PLEASE CONSULT A SUITABLY QUALIFIED PROFESSIONAL ADVISER.‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌


NOTICE OF THE ANNUAL GENERAL MEETING‌‌‌ TO BE HELD AT 10.30AM (WST) ON 23 NOVEMBER 2015 AT THE MEZZ, 1st FLOOR, THE VIC HOTEL,‌‌‌‌‌ 226 HAY STREET, SUBIACO, WESTERN AUSTRALIA 6008


TO BE VALID, PROXY FORMS MUST BE RECEIVED BY THE COMPANY NO LATER THAN 10.30AM (WST) ON SATURDAY 21 NOVEMBER 2015

Section A - Directors' Letter 4

Section B - Information on Hello Real Estate 5

  1. Introduction 5

  2. Current Operations and background to the Transaction 5

  3. Real Estate Industry 5

  4. Hello Real Estate Opportunity 7

  5. Other Information 12

Section C - Summary opportunity and considerations of the proposed transaction 15

  1. Summary opportunity of the proposed transaction 15

  2. Summary considerations of the proposed transaction 15

Section D - Notice of Annual General Meeting 17

  1. Agenda 17

  2. Voting exclusion statements 20

  3. Voting eligibility 22

  4. Voting in person 22

  5. Voting by proxy 22

Section E - Explanatory Memorandum 24

  1. Introduction 24

  2. Financial Statements and Reports 24

  3. Resolution 1 - Adoption of Remuneration Report 24

  4. Resolution 2 - Re-election of Director 25

  5. Resolution 3 - Reduction of capital and Consolidation of Partly Paid Shares 26

  6. Resolutions 4 and 5 - Issue of Options to the Partly Paid Shareholders 29

  7. Resolution 6 - Change of company type 32

  8. Resolution 7 - Adoption of new Constitution 32

  9. Resolution 8 - Significant change to activities 33

  10. Resolution 9 - Issue of Consideration Shares and Performance Shares to the Vendors 39


  11. Resolution 10 - Issue Shares upon conversion of Hello Convertible Notes 46

  12. Resolution 11 - Issue of Placement Shares 47

  13. Resolutions 12 to 15 - Election of Directors of the Company 49

  14. Resolution 16 - Change of Company name 51

Section F - Glossary 52

  1. Definitions 52

  2. Interpretation 55

Annexure A Pro-forma Balance Sheet 56

Annexure B Terms of Options 59

Annexure C Risk Factors 60

Annexure D Terms of Performance Shares 64

Annexure E Independent Expert's Report 66

Annexure F Proxy Form 67


Section A - Directors' Letter

22 October 2015 Dear Shareholder,


In addition to those resolutions customary at every Annual General Meeting, following the announcement by MinRex Resources NL (Company or MinRex) on 8 July 2015 regarding the Company's proposal to acquire all of the issued share capital of Hello Real Estate Limited (Hello Real Estate or Hello) in consideration for an issue of the Company's shares (Transaction), the Company's Board of Directors (Board) have also included a number of resolutions that seek the approval of the Company's shareholders (Shareholders) for the Transaction and those related resolutions necessary to complete the transaction.


The Transaction is the culmination of an ongoing review by the Board to determine the most adequate strategy for the Company to enhance shareholder value. Given the overall results of the exploration programmes to date for the Company's Deflector Extended and Heemskirk tenements, combined with the continuing general negative sentiment in the market towards junior mining companies, the Board believes the Transaction offers an opportunity to create shareholder value that is superior to the Company's present activities.


Hello Real Estate is a fully licensed real estate agency in South Australia, Victoria, NSW and Queensland and has licence applications underway in the ACT and Western Australia. Hello has developed a fixed fee real estate service designed to assist vendors to sell their own homes. Hello works with vendors throughout the sale process from pricing and listing, through advertising and open homes, to conveyancing and settlement. As part of the offering, Hello has established relationships with partner service providers to ensure vendors receive a complete service for a fixed price. Hello provides its customer facing residential sales and marketing system through a network of independent Satellite Business Units (SBUs).


A summary of Hello Real Estate's structure and current activities, the consequences of the Company implementing the Transaction and various associated matters are set out in the Explanatory Memorandum accompanying this Notice of Meeting.


It is important that you read all the information set out in the attached documents and form your own view on the merits of the Transaction and the resolutions necessary to complete that transaction. If required, Shareholders should seek professional advice to take into consideration their personal circumstances. Shareholders are encouraged to read attached documentation and to attend the Annual General Meeting and vote on the Resolutions.


We refer you to the Independent Expert's Report in Annexure E to this Notice of Meeting. In that Report, the Independent Expert has concluded that, in their opinion, the proposed transaction is fair and reasonable to Shareholders of MinRex. We commend this Report to you.


The Board believes the Resolutions are in the best interests of the Company and recommends Shareholders vote in favour of all Resolutions.


Yours faithfully,



Simon Durack Executive Director

Section B - Information on Hello Real Estate


  1. Introduction‌



    This Explanatory Memorandum is in several parts. This Section B contains information regarding Hello Real Estate and its business and assets and information regarding the proposed change in the Company's activities. Section C summarises the potential advantages and disadvantages for Shareholders of entering into the Transaction. Section E provides additional information on matters to be considered at the Meeting.


    This meeting booklet should be read carefully and in its entirety.


  2. Current Operations and background to the Transaction‌


  3. MinRex


    MinRex listed on the Australian Securities Exchange (ASX) in November 2011 with a focus of exploring and developing gold, base metal and tin projects in Australia and evaluating additional projects, both within Australia and overseas. MinRex has two principal projects in its exploration portfolio, the Deflector Extended Gold Project in Western Australia and the Heemskirk Tin Project in Tasmania.


    Given the overall results of the exploration programs for both the Deflector Extended Gold Project and Heemskirk Tin Project, the Company has continued assessing a broad range of both exploration and alternative corporate opportunities that have the potential to complement or replace the existing tenement portfolio and enhance shareholder value. The past two years has seen an active program of assessments and a broad range of opportunities considered by MinRex.


    This evaluation of opportunities has culminated in the announcement of the Transaction on the terms and conditions of the Share Purchase Agreement detailed in the meeting booklet. The Board believes the Transaction presents Shareholders an opportunity to create shareholder value superior to the existing exploration activities and more general opportunities available in the challenging junior resources sector.


  4. Hello Real Estate


    Hello Real Estate is a fully licensed real estate agency in South Australia, Victoria, NSW and Queensland and has licence applications underway in the ACT and Western Australia.


    Hello has developed a fixed fee real estate service designed to assist vendors to sell their own homes. Hello works with vendors throughout the sale process from pricing and listing, through advertising and open homes, to conveyancing and settlement. As part of the offering, Hello has established relationships with partner service providers to ensure vendors receive a complete service for a fixed price.


    Hello provides its customer facing residential sales and marketing system through a network of independent Satellite Business Units. Currently there are 12 SBUs licensed and operating in Australia.


  5. Real Estate Industry‌


  6. Introduction


    Hello operates in the residential real estate industry in Australia by offering homeowners a 'high tech/high touch' alternative to the traditional real estate agent when deciding to buy or sell a home.

  7. Residential Real Estate Industry in Australia


  8. Overview


    In 2015 the Real Estate Industry generated revenue of $10 billion in Australia.1As a whole, the industry displays a low level of market share concentration. It is characterised by a small number of well-known franchises representing approximately 15% of total market share (residential and commercial real estate activities) and numerous small, self-employed agents and property managers.2According to data collected by the Australian Bureau of Statistics, businesses that make over $2 million only account for slightly more than 5% of industry participants.


  9. Competitive Environment


    The industry has low barriers to entry. Initial capital outlays are low and there is no need to hire staff for a small business. The largest barrier to entry is lack of reputation and presence. Geographical boundaries also present a barrier with many areas already serviced by a number of established firms with significant local knowledge. Operators have a high level of variable costs which reduces the opportunities to accrue economies of scale through expansion.3


  10. Real Estate Industry Costs and Profitability


    Industry profitability has declined over the past five years amid increasing competition putting downward pressure on commission rates. The proportion of industry revenue generated by property management has increased over the past five years. This is largely attributable to an increase in the number of renting householders caused by higher house prices. This trend is also evidenced by the decline in first home buyers as a proportion of total buyers. According to the Australian Bureau of Statistics, first home buyers made up an average 23.1% of all dwellings financed in FY10. This is expected to decline to 14% by FY16.4


    Profit margins in the residential market have been under pressure due to higher competition resulting in discounting of commissions over the past five years. The effect of discounting has been partially offset by operators looking to attain economies of scale in the property management business. The industry is a service industry and as such relies heavily on labour. Over the past five years many industry participants have moved towards employing their sales staff on a commission only structure. A small increase in wages as a proportion of revenue is forecast over the five years to FY16 mainly due to higher house prices leading to an increase in commissions paid.5The key components of other expenses are marketing at approximately 10% and franchise fees at approximately 6%.6


  11. Outlook


    Favourable conditions in the real estate services industry are expected to remain over the next five years.7Overall residential housing prices are forecast to grow at 3% per annum over the five years to FY21.8Industry revenue is expected to grow to $11.7 billion in FY21 (compound annual growth rate of 2.8%).9Longer term growth is expected to be sustained by continued population growth and smaller average household sizes.10



    1 'Real Estate Services in Australia: Market Research Report' produced by IbisWorld (IbisWorld Report)

    2 IbisWorld Report.

    3 See the Independent Expert's Report in Appendix E for more information.

    4 IbisWorld Report.

    5 IbisWorld Report.

    6 IbisWorld Report.

    7 IbisWorld Report.

    8 IbisWorld Report.

    9 IbisWorld Report.

    10 IbisWorld Report.

  12. Hello Real Estate Opportunity‌


  13. Overview


    Hello Real Estate is a fully licensed real estate agency in South Australia, Victoria, NSW and Queensland and has licence applications underway in the ACT and Western Australia.


    Hello has developed a fixed fee real estate service designed to assist vendors to sell their own homes. Hello works with vendors throughout the sale process from pricing and listing, through advertising and open homes, to conveyancing and settlement. As part of the offering, Hello has established relationships with partner service providers to ensure vendors receive a complete service for a fixed price.


    Hello provides its customer facing residential sales and marketing system through a network of independent satellite business units. Currently there are 12 SBUs licensed and operating in Australia.


  14. Timeline of Significant Events


    An overview of the history of Hello Real Estate is set out below:


    • (2009) Hello Real Estate was incorporated originally as a shelf company 'Teckton Pty Ltd' on 17 April 2009;


    • (2011) Hello Real Estate adopted the name 'Hello Real Estate Pty Ltd' and commenced development of Hello Real Estate's business;


    • (2013) Hello Real Estate carried out proof of concept trials in South Australia, followed by a formal launch in NSW in the second quarter of 2013;


    • (2014) Hello Real Estate expanded its board and management team in May 2014, including appointing Mr Bob Lapointe as a Director and Chairman (bringing his considerable experience from business ventures such as KFC, Pizza Hut, Sizzler and Lone Star);


    • (2014) In April 2014 Hello Real Estate Pty Ltd converted into an unlisted public company;


    • (2014) Hello Real Estate entered into an agreement with George Patterson/Young & Rubicam (GPY&R) for GPY&R to take a 10% stake in Hello in return for $750,000 in advertising and marketing spend;


    • (2015) Hello Real Estate entered into an exclusive license with BOSS Advantage for use of Hello's CRM software platform for Real Estate;


    • (2015) Hello Real Estate entered into an Agreement with BidRhino to use their online auction platform branded as Hello Bid 'N' Buy;


    • (2015) Hello Real Estate entered into an Agreement with Vow Financial (a Yellow Brick Road Subsidiary) to launch 'Hello Finance' offering mortgage products;


    • (2015) Hello Real Estate entered into a share purchase agreement with MinRex relating to the Transaction;


    • (2015) As at end of September 2015, Hello Real Estate had entered into license agreements with 12 licensees (i.e SBUs);


    • (2015) The GPY&R Marketing Launch commenced in Sydney on the 24th August 2015 encompassing 6 Large Scale Billboards with Oooh Media, 85 Bus Back signs, Radio advertising on WSFM, 2UE, 2GB, 2CH;

    • (2015) Hello received 92 formal written applications in the month of September from individuals wishing to become SBUs with Hello.


  15. Service Offerings‌


    Hello's fixed price real estate service is designed to cover the whole spectrum of the market from low cost sales to premium properties. To date, the key users of Hello's service have been people who have had previous experience in selling properties with traditional real estate agents but are looking at ways to reduce the cost of selling whilst still having the support of an industry professional.


    The Hello model also offers builders, developers, renovators and investors a dedicated hands-on licensed real estate sales agent to mentor the pre-sale and sale phase of their development or sale of an investment property.


    To date Hello has sold 80+ properties. Following a recent marketing launch, over 200 new listings have been secured and placed on Hello's website (www.hello.com.au).


    Hello operates by partnering with SBUs to form a network of independent business owners, who deploy the Hello service offering in designated territories throughout Australia. Each SBU uses the Hello system and technology under license from Hello. SBUs then provide the property sales, auction and buyer services direct to clients. The people within each SBU who provide services to clients are known as 'mentors'. Currently there are 12 SBUs operating in three states.


  16. Services offered to Home Sellers‌


    The key offering of Hello is a fixed fee service that assists vendors sell their own home. For a fixed fee, Hello clients will receive the following:


  17. a dedicated mentor from a locally operated SBU to guide the vendor through the sales process and to co-ordinate Hello's partner service providers;


  18. access to a fixed-fee funding option to finance pre-sale expenses provided by Thorn Money. Under the terms of the contract with Thorn the client is eligible for a Thorn Money 12 month loan for all of the Hello Fee if they have at least $30,000 equity in their property. The loan is repaid in full with interest at 9.5% on settlement of the sale;


  19. an on-site valuation from an independent and licensed valuer provided by Valuation Exchange (Valex);


  20. CoreLogic/RP Data Report on all recent sales and current properties listed for sale in the area around the client's property;


  21. a consultation with a stylist to help the vendor best present their home for sale. Hello has a group of local area independent stylists who provide advice on the basis of creating space and light within the property. They advise on de-cluttering, cleaning, painting and presentation;


  22. photography, floor plan and promotional materials, including high quality full colour brochures provided nationally by Open2View;


  23. a building inspection provided by Jim's Building Inspections, an Australian wide Building Inspection group;


  24. listing on Australian real estate portals including domain.com.au and realestate.com.au as well as hello.com.au and five other online platforms;


  25. assistance with scheduling open homes and mentoring by the local SBU mentor to prepare vendors to show their homes;

  26. connection to HelloConnect proximity marketing within 30 metres of the 'for sale' signboard allowing interested parties to download property details and a contract for sale quickly and easily;


  27. access to the Hello Bid 'N' Buy online auction platform and process which also serves as an 'Offer and Acceptance' system for buyers who wish to present an offer on the property; and


  28. the services of a conveyancer to prepare the sales contracts and legal documents, to receive the deposit and to complete the settlement process for the client.


    Vendors are responsible for preparing the house for sale, conducting home inspections and negotiations and acceptance of offers. The SBU mentor is on hand at all times to guide the vendor through these processes.


  29. Fees for Home Seller Services


    Clients can choose to pay the fixed fee (currently $9,990 for metropolitan areas and $7,990 for regional areas) in two progress payments of $1,500 on signing the contract with Hello, and a further $2,000 upon advertising the property for sale, with the balance on settlement of the property's sale. Alternatively, the client can utilise Hello's agreement with Thorn Money (see above) who will provide a 100% loan for the fixed fee to be repaid upon the settlement of the property's sale.


    Based on industry examples provided through CoreLogic/RP Data, IBIS and others; cost savings for Hello's clients can range from 33% per transaction on the low end, to greater than 70% at the higher end, when compared to traditional advertised fee structures for selling property (such as engaging a franchise or independent operator).


    For example, an agent's commission of 2% plus GST on a $1,000,000 property in Sydney would equate to

    $20,000 (excluding marketing, conveyancing, and GST). Currently for the same property, Hello would charge a fixed fee of $9,990 (including marketing, conveyancing, and GST).


    As another example, an agent's commission of 2% on a $500,000 property in Regional NSW would equate to

    $10,000 (excluding marketing, conveyancing, and GST). Currently, Hello would charge a fixed fee of $7,990 (including marketing, conveyancing, and GST).


  30. Services offered to Home Buyers


    In addition to the Home Sellers offering, Hello also offers a service for parties looking to buy residential real estate. For a fixed fee of $9,990 (inc. GST), clients will receive the following:


  31. the services of a Hello Buyer Agent Mentor to source a suitable property to consider for purchase. Most clients of the Hello Buyers services up to the date of this notice are investors seeking properties to add to their portfolio. Many of these investors are self-managed superannuation funds and retirees, and so the service of the Hello Buyer Mentor is a positive adjunct to their investment strategy;


  32. a building inspection provided by Jim's Building Inspections on the property the client wishes to purchase;


  33. latest recent sales and 'on market' data from CoreLogic/RP Data for the area that the Buyer wishes to purchase a property in;


  34. a depreciation report by a compliant tax provider on the property;


  35. property searches, conveyancing and settlement procedures by a licensed Conveyancer; and


  36. a strata report/handover report (if required).


    Further information regarding Hello Real Estate's business is available from the Hello Real Estate website accessible at http://www.hello.com.au.

  37. Satellite Business Units


    Hello grants a licence to SBUs, which permits them to deliver Hello's services for selling and buying residential real estate. This licence is granted by Hello Business Systems Pty Ltd (HBS), which is a wholly owned subsidiary of Hello. These licensed SBUs are set up as proprietary companies in which HBS has a 30% shareholding.


    Once an SBU and HBS enter into a license agreement, Hello (i.e. through HBS) receives a once off licence fee (see below), the cost of which is dependent upon the type of business the SBU will operate. In exchange for the licence fee, HBS licenses the Hello brand, technology and sales system to the SBU and also provides support in business planning, marketing, prospecting, training and the use of the Hello technology platforms.


    Each SBU operates within a designated geographical area which is agreed at the time the license is issued. Each SBU is an independent company. A Shareholders Agreement between HBS and the 70% shareholder sets out the operating relationship and how the SBU will be administered. Key terms of these agreements include:


  38. the 30% shareholding held by HBS shall not be entitled to receive any dividends;


  39. the board of the SBU must not consist of more than two directors, one of which will be the 70% shareholder (or its nominee) and the other to be approved by Hello;


  40. any change in ownership, issue of new capital, non-business related transactions or change to the business conducted by the SBU must be approved by a special resolution of the shareholders; and


  41. all working capital is to be provided by the 70% shareholder.


  42. SBU licenses‌


    Hello offers a license for three different types of SBU:


  43. Home Seller: this type of SBU provides services to home owners, builders and developers who are seeking to sell residential property. An initial licence fee of $30,000 (exc. GST) for one SBU or

    $50,000 (exc. GST) for two SBUs in adjoining geographical areas, is payable to Hello by the SBU's 70% shareholder. There are currently 11 Home Seller SBUs;


  44. New Homes: this type of SBU provides services to people selling new and off the plan homes. An initial licence fee of $45,000 (exc. GST) for one SBU is payable to Hello by the SBU's 70% shareholder. There are currently no New Home SBUs; and


  45. Home Buyer: this type of SBU provides services to people looking to buy residential property including owner-occupiers and investors. An initial licence fee of $45,000 for one SBU is payable to Hello by the SBU's 70% shareholder. Currently there is one Home Buyer SBU.


    Hello has an agreement with the National Australia Bank to provide 50% of the finance to the SBU owners in respect of the initial licence fees.


  46. Fee split‌


    As noted above (see paragraph 4.3) a fixed fee is paid for Hello's services. This fixed fee is paid directly to HBS. Of the fixed fee paid by the client, HBS distributes the fixed fee as follows:


  47. 50% of the fixed fee is retained to pay for the costs associated with the delivery of the professional services on each transaction;


  48. a 3% marketing fee on each sale is paid into a collective fund to cover national and local marketing;

  49. a 3% license fee on each sale is paid into a collective fund to cover head office administration costs; and


  50. the remaining 44% is distributed to the SBU's 70% shareholder.


    In addition each SBU is required to pay an annual licence fee of $500 to cover the SBU's annual ASIC reporting requirements.


  51. Hello Strategic Partnerships


    In order to deliver a fully integrated service to clients, Hello has entered into agreements with the following service providers:


    Role

    Partner

    Consumer Finance

    Thorn Money (part of Thorn Ltd)

    Valuation & Sales Data

    VALEX/RP Data (CoreLogic Pty Ltd)

    Online Auctions

    BidRhino Pty Ltd

    Licensed Building Inspections

    Jim's Building Inspections Pty Ltd

    Professional Home Styling

    BG Property Styling Pty Ltd

    Conveyancers

    ThinkConveyancing Pty Ltd

    Photography, floor plan and promotional materials

    Open2View Pty Ltd


    Hello has also entered into the following strategic partnerships that are not related to the services provided to clients under the fixed fee arrangement.


  52. GPY&R: Hello's strategic marketing partner (and a shareholder in Hello); administrators of the SBU marketing fund (see paragraph 4.9);


  53. National Australia Bank Ltd: NAB provides finance to SBUs for upfront license costs (see paragraph 4.8);


  54. Vow Financial Pty Ltd: Hello has launched its Hello Finance service in partnership with Vow Financial, a member of the 'Yellow Brick Road' group of companies. Under the terms of the partnership between Hello Mortgage Services Pty Ltd and Vow Financial (see paragraph 5.1), dedicated Vow Financial brokers will trade under the Hello Finance brand and service Hello Real Estate customers and leads generated from buyers attending Hello Real Estate home sale inspections;


  55. Boss Advantage Pty Ltd: Technology partner (and a shareholder in Hello) who built the Hello CRM and lead generation platforms (see paragraph 4.11).


  56. Hello Technology Platforms‌


  57. Evolve Customer Relationship Management (CRM) System


    Evolve CRM is a business process management software system developed by Boss Advantage in Australia. Hello has the exclusive rights to use Evolve for real estate related applications in Australia and internationally. Evolve supports every aspect of the Hello business and is used by all SBUs to provide end-to end system management through the entire sales, transaction and property management process.


    Evolve can also disseminate client property data direct to online property marketing websites such as realestate.com.au and domain.com through an XML feed.

  58. FreeAgent CRM‌


    In addition to the use of Evolve by Hello and the SBUs, Hello and Boss Advantage have released a white label product, based on Evolve, called FreeAgent. FreeAgent is being marketed to independent real estate agents who often lack the technological and process support provided to franchised real estate businesses (see paragraph 5.1(d)).


    FreeAgent is marketed as a pay as you earn product, where a fixed fee is paid per property sold, plus a once off joining fee. Hello receives a fee of $195 for all transactions processed through the FreeAgent platform.


  59. Hello Bid'N'Buy


    Hello has entered into a joint venture with BidRhino Pty Ltd that allows Hello use of BidRhino's online bidding technology (see paragraph 4.3). BidRhino is an online sales/auction technology that facilitates online auctions of properties available for sale. Hello presents the service as Hello Bid'N'Buy.


  60. Other Information‌


  61. Hello Real Estate Corporate Structure‌


    Hello Real Estate is a public unlisted company and is a fully licensed real estate agency in South Australia, Victoria, NSW and Queensland, with applications for licences underway in the ACT and Western Australia. Hello Real Estate develops, owns and licenses intellectual property related to the sale, purchase and finance of residential property. Hello Real Estate grants licenses to use this intellectual property to its operating companies, allowing them to deliver the solution through key platforms and products.


    A diagram showing the corporate structure of Hello Real Estate is set out below.



  62. Hello Real Estate Limited: holds all intellectual property for the Group and collects the initial and subsequent license fees from SBUs;


  63. Hello Business Systems Pty Ltd: owns a 30% stake in, and provides support to, each SBU. SBUs provide services direct to clients (see paragraph 4.4 for more information regarding these services);


  64. Hello Mortgage Services Pty Ltd: has an agreement with VOW Financial to provide mortgage broking services. Hello Mortgage Services Pty Ltd receives a percentage of the VOW commission for providing leads (see paragraph 4.10(c) for more information regarding Hello Finance); and


  65. Realflo Pty Ltd: a wholly owned subsidiary of Hello Real Estate, however an agreement is being finalised to give BOSS Advantage Pty Ltd a minority stake in Realflo, plus profit rights, in exchange for an exclusive licence to the 'FreeAgent' product, and other intellectual property that BOSS Advantage is putting into Realflo Pty Ltd (see paragraph 4.11(b) for more information regarding FreeAgent).
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Simon Francis Durack Executive Chairman & Secretary
Robert Hartley Downey Independent Non-Executive Director
David Ross Hannon Independent Non-Executive Director
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