4 September 2000
Perth Internet advertising company Elink has joined the ranks of high techs pursuing a listing and is expected this week to unveil plans to raise $5.1 million and float in early October.
Elink will sell 17 million new 30c shares to raise the money, most of which will go towards funding the 40 per cent acquisition of bricks and mortar advertising agency MJB&B. The MJB&B acquisition will give Elink, which was established in January, a ready-made client base and an East Coast presence.
MJB&B, which has annual billings of $35 million, was started more than 20 years ago and counts as its clients Retrovision, Australia Post, NSW Home Loans and Western QBE.
The 17 million new shares make up about 20 per cent of the company.
Elink, which has ties with Perth businessman Mr Frank Kristan the chief executive of US software house CyberSentry which recently launched a takeover bid for LibertyOne is 33 per cent owned by founder and chief executive Mr David Bunney.
The remaining 67 per cent is held by two other founders and some Malaysian seed investors.
The offer is being underwritten by Malaysian timber company Lingview Properties and Perth firm Mortimer & Chua is the sponsoring broker.
Elink in June formed an alliance with CyberSentry which will see it expand applications of CyberSentry's software and billing systems for use in the advertising industry.
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