RealTime IT News

Seek Rewards Advertisers Before Float

Australia Internet employment advertiser Seek Communications is offering free shares to loyal clients, a first such move in the local Internet industry.

Melbourne-based Seek, a classifieds site on which job hunters can search 250 companies' advertisements, will reward 80 recruitment firms that have been long-term advertisers.

Seek is still privately owned, but intends to list on the Australian Stock Exchange in future after it has met key metrics and performance measures, according to Seek CEO, Paul Bassat.

Although he declined to specify the number or proportion of shares that Seek was distributing, he said that they were "of substantial value, and that value will increase as we receive more support from recruitment firms."

This share dispersion is the latest in a series of milestones for Seek. The company has recently forged alliances with LookSmart, PBL/Microsoft's ninemsn site, and Telstra Big Pond, the Internet arm of national telecommunications carrier Telstra.