Shareholding change at Property IQ
Quotable Value is selling part of its shareholding in property intelligence company Property IQ to the other major shareholder RP Data.
It is unclear if this will affect Property IQ’s application with the Commerce Commission in seeking approval to merge with another property services provider, Terralink.
The new share deal will reduce QV’s shareholding from 50% to 40% and will lift RP Data’s shareholding in the company from 50% to 60%.
“We see significant benefit in strengthening PropertyIQ’s ties with RP Data, given its scale and international capability,” Bill Osborne, chairman of PropertyIQ says in a media statement.
RP Data is a wholly owned subsidiary of CoreLogic, a US/NYSE listed company and the world’s largest property data and analytics provider.
The change in the shareholding will occur on September 1, 2013.
Meanwhile, Property IQ recently told the Commerce Commission there are low barriers to entry in the property information services markets and it should be allowed to merge with Terralink, which is 80% owned by Animation Research Holdings and 20% by Spatial Holdings.
The businessmen involved in these companies include Murray Valentine of Dunedin and Michael Donald and Greg Huddleston of Wellington.
Property IQ says data can be easily obtained through LINZ, government departments, councils, and other sources and new businesses can viably enter the market on a small scale.
The commission should make its final decision by September 13.