Sports social platform 20Four plans to list on ASX in reverse take over

Sports social platform 20FOUR is planning to enter the ASX in a reverse take over later this year.

The two-year-old company, which launched its platform connecting athletes to sport fans last year, is looking at raising up to $5 million ahead of its stock market debut, which would value the company at $25 million.

Fundraising and listing is being organised by investment company Chapmans Limited which owns 39% of 20Four.

Executive director Anthony Dunlop told Mumbrella: “20Four is anticipating raising a minimum of $5m AUD in the RTO. The anticipated pre ipo value is in excess of $25m.”

A reverse take over takes place when a business wanting to be on the stock exchange acquires a low valued and lightly traded listed company already on the ASX, rather than going through the lengthy and expensive process of listing from scratch.

Chapmans is currently in negotiations with at least two suitable listed vehicles and expects negotiations should be finalised in the next two to four weeks with the listing expected in the second quarter of 2018.

The company, which claims to have signed over 200 athletes to its platform with a reach of over 20 million also appointed former executive director of sport and content partnerships at Foxtel and COO of the Australian Football League, Ben Buckley to its board.

“We believe Ben’s experience and skill set will be an asset to 20FOUR and this is proven by the significant value he has already added to the business through his activity in the commercial market,” said Dunlop in a statement.


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