- BikeExchange (BEX) welcomes Dominic O’Hanlon to its board as a Non-Executive Director
- The incoming board member has committed to investing up to $500,000 in the company at two cents per share – the same price as the placement and entitlement offer which took place in May
- Mr O’Hanlon will be paid an annual fee of $60,000 for his efforts, which will be paid out in shares in lieu of cash
- Meanwhile, BikeExchange has entered a consultancy agreement with Flare Ventures, an entity controlled by Mr O’Hanlon
- BikeExchange shares soar 22.2 per cent, trading at 2.2 cents at 12:17 pm AEST
BikeExchange (BEX) has welcomed Dominic O’Hanlon to its board as a Non-Executive Director.
Mr O’Hanlon is a technology entrepreneur and business executive with extensive experience in the tech industry. His resume includes a substantial repertoire of leadership positions, including Managing Director and CEO of rhipe (RHP) for over seven years, CEO of Haley, and Chief Strategy Officer of MYOB.
The incoming board member committed to investing up to $500,000 in the company at two cents per share – the same price as the placement and entitlement offer which took place in May.
Mr O’Hanlon will be paid an annual fee of $60,000 for his efforts, which will be paid out in shares in lieu of cash.
BikeExchange’s Chairman Gregg Taylor said the company is delighted to attract someone of Mr O’Hanlon’s calibre.
“Dominic will help our executive team to refine and hone our go-to-market strategy with a clear focus on execution, growth and profitability,” Mr Taylor said.
“Dominic has a proven track record of doing this for other highly successful technology businesses with international operations.”
Meanwhile, BikeExchange has entered a consultancy agreement with Flare Ventures, an entity controlled by Mr O’Hanlon.
The consultancy will provide corporate executive advisory services to BikeExchange and will be paid an annual fee of $40,000 – again payable in shares. This comes with 30 million options for the services to be provided under the agreement.
Mr O’Hanlon said he believes the BikeExchange platform and business have huge untapped potential.
“With greater than 28 million visitors per annum, 1500 brands, 1650 retailers and 900,000 products available for sale, BikeExchange is the global leader in marketplace bike-related transactions,” he said.
“I have been lucky enough to work with some great companies in my career and the upside potential for BikeExchange is as strong as I have seen.”
BikeExchange shares soared 22.2 per cent, trading at 2.2 cents at 12:17 pm AEST.