Mr Kevin Fitzpatrick, Chairman of the Board of Directors for Wotif.com announced today that the decision has been made to seek a listing on the Australian Stock Exchange.The proposed listing, which is planned for the first half of 2006, will allow the existing shareholders to crystalise some of the value created in the business and assist in Wotif.com’s global expansion by raising the company’s profile in the international marketplace.
Wotif.com is based in Brisbane, with offices in Auckland, Singapore, London and Toronto, and employs 110 people.
Graeme Wood (pictured), Wotif.com CEO, said, “Since launching in 2000, Wotif.com has enjoyed five years of consistent and exceptional growth, and now holds more than 50% market share of the Australian online accommodation industry.
“With a profitable business model and strong growth prospects, we are confident that the company is in an advantageous position to seek a listing,” he added.
An ultimate listing will also enable employees to participate in the ownership of the company, and provide access to capital for potential future acquisitions.
Wotif.com enjoys very high customer satisfaction levels with 30% brand awareness in Australia and has strong support from the hotel industry.
The Wotif.com Board of Directors have short listed prominent brokers to handle the process and will announce their decision shortly.
A prospectus is being prepared and will be made available when precise details of the offer have been finalised. Anyone wanting to acquire shares will need to wait for release of the prospectus as shares will be available only by completing an application form accompanying the prospectus.