Joint Venture Overview
• PropTech Group Limited (ASX: PTG) has executed a non-binding term sheet with Flip Money Pty Ltd (ACN 640 607 932), Convini Pty Ltd (ACN 633 994 859) and BC Investment Group Australia Pty Ltd (ACN 613 691 928) to form the “PropPay Joint Venture”. The proposed PropPay Joint Venture will be conducted through a new corporate entity, PropPay Holdings Pty Ltd (PropPay)
• The Joint Venture will create a marketplace for real estate related payments for businesses and consumers in Australia and New Zealand
• PTG will initially hold a 20% shareholding in PropPay with the right to earn in additional equity based on its ongoing revenue contribution performance
• Each of PTG, Flip and BC will have the right to appoint one director to the board of PropPay.
• Definitive binding agreements to document the PropPay Joint Venture are currently being finalised and are expected to be completed shortly.
Commentary (Media Release)
The PropTech Group Limited (PTG), Flip Money Pty Ltd (FlipPay), Convini Pty Ltd (Convini) and BC Investment Group Pty Ltd (BC Invest) have entered into a non-binding term sheet detailing the key terms of the joint venture (JV), to be conducted by these parties through an incorporated joint venture vehicle, PropPay Holdings Pty Ltd.
The PropPay Joint Venture aims to simplify the payment experience when buying, selling, or renting a property.
For more information, download the attached PDF.
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