- Acumentis Group (ACU) has acquired the remaining 57.8 per cent of its Western Australian associate Acumentis (WA) Holdings
- The acquisition adds $7-8 million annual revenues to the consolidated results of the property valuation company
- The total acquisition price, excluding net cash, is between $2.6 million and $3.9 million
- The company believes the acquisition will deliver strong returns, improve company-wide margins, and increase its appeal to nationwide clients allowing further growth in revenue
- ACU shares are currently halted and last changed hands for $0.11 per share
Acumentis Group (ACU) has acquired the remaining 57.8 per cent of its Western Australian associate Acumentis (WA) Holdings.
The acquisition adds $7-8 million annual revenues to the consolidated results of the property valuation company.
Acumentis raised its stake in ACU WA from 25 per cent to 42.2 per cent in September 2019 and entered into an arrangement giving it a call option on the outstanding ACU WA stock exercisable between 2024 and 2026.
This is to be settled at 55 per cent cash and 45 per cent issue of new shares in Acumentis.
The total acquisition price, excluding net cash, is between $2.6 million and $3.9 million.
“We are pleased to announce an acquisition which will enhance the experience of our clients,” Acumentis chairman Keith Perrett commented.
“With a single entity operation, we are able to further our company and service-line developments, with the immediate beneficiaries being our loyal clients,” he added.
Shares issued for an initial and deferred consideration will be subject to voluntary escrow provisions in which 100 per cent of the shares are escrowed for 12 months and 50 per cent for 24 months post-issue date.
The company believes the acquisition will deliver strong returns, improve company-wide margins, and increase its appeal to nationwide clients allowing further growth in revenue.
“ACU WA have been proven innovators over the past decade and we look forward to further progressing that innovation within Acumentis, Australia-wide,” Acumentis managing director Timothy Rabbitt said.
“Coupled with existing transformations being conducted with the Company, we look forward to seeing these and the benefits of the acquisition translate to our clients and employees,” he continued.
“We have now further enhanced our position within the property sector and we see this translating into earnings growth for our shareholders,” he concluded.
The acquisition is effective from July 1, 2021, with settlement expected mid-July 2022.
ACU shares are currently halted and last changed hands for $0.11 per share.