Grays Online to hit ASX boards

By Blair Speedy - The Australian

Grays shareholders who retain at least 75 per cent of their Mnemon shares for 12 months following the merger will receive one additional share for each two already held, taking the stake controlled by Grays shareholders to as much as 84 per cent.

Existing Grays shareholders will own 78 per cent of the merged entity, which will be renamed Grays eCommerce Group and be helmed by Mark Bayliss, currently chief executive at Grays after succeeding Cameron Poolman in June.

The scrip-based deal will create what the company said would be Australia’s largest listed online retailer, with annual sales of more than $440 million and a database of 6. 2 million customers across the GraysOnline, OO. com. au, Deals Direct and TopBuy sites.

Internet retailer Grays Online is set to list on the Australian Securities Exchange through a reverse takeover of listed e-commerce player Mnemon.

The deal is subject to approval by Grays shareholders at a meeting scheduled to be held on September 5, followed by a meeting of Mnemon shareholders on October 6.

Mnemon will issue one new share for every share in Grays, expanding its existing register from 19. 1 million shares to 92. 5 million.

Grays said it would pursue growth by increasing market share and expanding into new product categories, while the merger would drive efficiencies in customer service and warehousing.

Read more here: Business Spectator


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