Real Estate CRM Pty Ltd completed the acquisition of PropTech Group Limited in a reverse merger transaction.
Real Estate Investar Group Limited is required to obtain the approval of its shareholders, and must re-comply with Chapters 1 and 2 of the ASX Listing Rules. Amongst other things, Real Estate Investar Group will also be required to arrange for the preparation for historical audited accounts for Real Estate CRM, undertake a consolidation of its capital structure, lodge a full form Prospectus and undertake an associated capital raising to achieve the minimum working capital and spread requirements. Shareholders will vote on the transaction on September 30, 2020. The shareholders of PropTech Group Limited approved the transaction. As on November 18, 2020, PropTech Group Limited shareholders approved various resolutions relating to the proposed acquisition of all the issued shares in Real Estate CRM. They approved the issue of up to 64 million shares to the vendors of Real Estate CRM Pty Ltd under the RECRM Consideration Offer. The issue of 13.4 million shares to Directors or their associates of the Company, being Simon Baker, Joe Hanna and Sam Plowman as part of the RECRM Consideration Offer and various other proposals. The transaction is expected to be completed in the first half of financial year 2021.
Real Estate CRM Pty Ltd completed the acquisition of PropTech Group Limited (ASX:REV) in a reverse merger transaction on November 19, 2020. Scott Wulf will join as the Board as an Executive Director. All conditions for completion of the deal have been satisfied. Nicholson Ryan acted as the legal advisor to PropTech Group.