SYDNEY, May 24, 2011 /PRNewswire-Asia/ -- CB Australia Ltd (ASX:CBK) has opened a A$4 million share offer in order to complete the process of becoming the Master Residential Franchise holder for the Coldwell Banker System in Australia. Founded in 1906 in San Francisco, Coldwell Banker has grown to become one of the largest real estate franchise networks in the world with approximately 92,000 sales agents working from 3,325 offices in 50 countries. In Australia the brand was established in 2002 and currently has a franchise network of 15 Coldwell Banker offices.
CB Australia's Chairman, Andrew Geddes, said, "The CB Australia share offer is the next phase in the Coldwell Banker brand's evolution in the Australian market. We believe that a long established and well respected global brand, combined with a listing on the Australia Securities Exchange will differentiate the Company when recruiting Australia's top performing sales agents and franchisees."
Managing Director, Alex Caraco, commented, "The proceeds to the share offer will be used to accelerate the expansion of the Coldwell Banker network and the enhancement of the brand across Australia; with a specific near term focus on the eastern seaboard. Our expansion and growth strategy will be achieved through franchising, company owned offices, mergers & acquisitions and a highly targeted marketing and brand awareness campaign."
CB Australia is offering 20 million ordinary shares at an issue price of A$0.20 per share to raise gross proceeds of A$4,000,000. The share offer opened on 17 May 2011 and the minimum subscription for the share offer is A$2,000 (10,000 shares). Eligible parties can download a prospectus for the share offer from the Company's website: www.cbal.com.au/shareoffer.
Mr. Geddes concluded by saying, "Coldwell Banker in the USA recently undertook market research which resulted in a compelling distillation of the brand's strengths: 'The right agents with the right tools to empower our clients to make smarter real estate decisions'. CB Australia plans to deliver the same qualities in the Australian market, taking advantage of the cutting edge online multimedia tools developed by Coldwell Banker."
Further Information:
John Bell, Company Secretary/Chief Financial Officer
Tel: +61-2-9223-9223
Email: jbell@cbal.com.au
Website: www.cbal.com.au
