- Aerometrex (AMX) enters an unconditional contract for the sale and leaseback of its property asset located in Glynde, South Australia
- Net proceeds from the sale will be $3.6 million, which will be spent on the company’s growth, especially its MetroMap and 3D products
- The sale of the property represents a significantly higher amount than what was in AMX’s balance sheet
- AMX will remain on the premises with an existing lease in place that ends in 6.5 years, with an option to renew for a further five years
- On the market today, Aerometrex is up 3.68 per cent and trading at 70.5 cents per share
Aerometrex (AMX) has entered an unconditional contract for the sale and leaseback of its property asset located in Glynde, South Australia.
Net proceeds from the sale will be $3.6 million, which will be spent on the company’s growth, especially its MetroMap and 3D products.
Notably, the sale of the property represents a significantly higher amount than what was in AMX’s balance sheet as at June 30, 2021.
AMX will remain on the premises with an existing lease in place that ends in 6.5 years, however, there is a renewal option for a further five years. The lease terms include normal commercial terms with fixed annual rent increases over the term of the lease and market rent review on renewal.
Settlement of the sale is expected by the end of the month.
Aerometrex is a geospatial technology company with a strong focus as a professional aerial mapping business specialising in aerial photography, photogrammetry, LiDAR, 3D
modelling and aerial imagery subscription services.
Last month, the company appointed Steven Masters as its new Managing Director and CEO.
Mr Masters will step into the new role once he’s completed his current position as Chief Executive of ElectraNet, where he has been for seven years. This is expected by March.
On the market today, Aerometrex was up 3.68 per cent and is trading at 70.5 cents per share at 12:46 am AEDT.