BBX closes IPO and will pursue listing in 2005
BBX Holdings Limited (“BBX”) has closed its Initial Public Offering, as it has not raised the funds required to close the Offer in the permissible time frame. BBX is looking to revisit its offer of shares and pursue public listing in 2005.

Managing Director of BBX, Michael Touma, said: “Whilst we are obviously disappointed that we fell short of the target, we must also recognise that when we first set out the investment community was very unfamiliar with the concept of a barter exchange. That has changed now, and in many respects we now have a more solid platform to move forward.

“BBX would like to continue with its plans to list on the ASX, and we will use this opportunity to have a thorough look at the Prospectus to see what aspects can be reassessed.

“We have an exciting year ahead of us with plans to expand our branch and franchise network, and with strong growth within the trade exchange anticipated in the real estate, tourism, hospitality and general retail markets,” said Touma.

BBX, one of Australia’s largest trade exchanges, lodged a Prospectus on 24 November 2004 for an initial public offering of 16 million shares at an offer price of 50 cents per share.

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Releases for BBX by Dennis Rutzou Public Relations.
For further details or to arrange interviews please contact David Lizzio
or Dennis Rutzou on (02) 9413 4244.