Seek Rewards Advertisers Before Float

Australia Internet employment advertiser Seek
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.

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