Seek Rewards Advertisers Before Float
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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."