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- Following an acquisition, AusCann Group (AC8) has appointed CannPal Animal Therapeutics’ (CP1) Founder and Managing Director, Layton Mills, as CEO
- In November, AusCann announced it would acquire the pet pharmaceutical company through a scheme implementation deed
- AusCann claimed the addition of CannPal would lead to a stronger leadership team and the potential to generate long-term sustainable growth in various markets
- Layton’s appointment follows the resignation of AusCann’s current CEO, Nick Woolf
- However, Nick will stay in the role until the transaction is completed
- AusCann is up 3.57 per cent and trading at 21.8 cents, while CannPal’s shares are up 11.1 per cent and trading at 20 cents
AusCann Group (AC8) has appointed CannPal Animal Therapeutics’ (CP1) Founder and Managing Director, Layton Mills, as CEO of the combined company.
In November 2020, AusCann announced it would acquire the pet pharmaceutical company through a scheme implementation deed.
AusCann claimed the addition of CannPal to its company would result in a stronger leadership team, shared research and knowledge across human and animal health, a strong financial position and the potential to generate long-term sustainable growth in various markets.
The offer valued each CannPal share at 18.4 cents which, at the time, represented a a 54 per cent premium to its one-week volume-weighted average price. In total, the scheme valued CannPal at around $17.5 million.
Layton’s appointment as CEO will take effect once the transaction is completed. His appointment follows the resignation of AusCann’s current CEO, Nick Woolf.
However, as the transaction is yet to be completed, Nick has agreed to stay with the company as interim CEO and will remain in this role by no later than June 30 2021.
“I look forward to working with Mr Mills during his onboarding and supporting the acquisition and implementation over the next six months,” current CEO Nick. Woolf said.
AusCann Chairman Max Johnston said he his thankful for Mr Woolf’s contribution to the company since he joined in 2021.
“We thank him for all his efforts in taking AusCann forward during his tenure whilst also progressing the proposed acquisition of CannPal. I am pleased that Nick has agreed to provide continuity during the prospective transition and wish him well in his future endeavours,” Max said.
AusCann’s shares are up 3.57 per cent and trading at 21.8 cents at 10:20 am AEDT. CannPal’s shares are trading 11.1 per cent higher at 20 cents in early morning trade.
