RetailX announces key transaction

Retail Services is owned by RetailX directors and major shareholders Mark and Janine Taylor.

The company plans to pay $645,000 cash and issue of 1.01 million 50-cent ordinary shares to acquire Retail Services, which has management contracts for nine retail stores.

The stores include branches of Stirling Sports, Linen Cupboard and Just Lingerie brands. The company also operates a pre-paid internet purchase card called E-prepaid.

Mark and Janine Taylor currently each hold 19% of RetailX, which was floated last September.

The company raised around $450,000 in its IPO, short of its $600,000 target, and currently has just under 2.1 million shares on issue.

RetailX says Retail Services Limited has been independently valued by at between $1 million and $1.3 million and the purchase proposal is for $1.15 million.

Shareholders will be asked to vote on the key transaction proposal at the end of the month.

The company's shares, issued at 50 cents, have recently been trading at around half that price.

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