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ADG Global Supply Ltd Agrees To Purchase Oil And Gas Industry Supplier And Raises AUD 3.1 Million

Thursday, 31 Jan 2013 08:09pm EST 

ADG Global Supply Ltd (ADG) announced that it has signed an agreement to purchase a Singapore based privately held company which provides specialised equipment and support services in power generation (gas,steam and diesel), compressors and communications equipment to the oil and gas industry. The terms of the acquisition are: ADG will acquire 100% of the shares in the company; the purchase price AUD 2.5 million with AUD 0.8 million to be paid on settlement and the balance in tranches paid in July 2013, January 204 and January 2015; and the principal executive directos of the company will remain with the firm and will recieve 4.5 million ADG shares under ADG's employee share plan escrowed for 3 years. The transaction is anticipated to be completed by end of February 2013. ADG has completed placement of AUD 3.1 million (56.2 million shares at AUD 0.055 which has been undertaken by Investorfirst Securities. Approximately AUD 1.15 million (37%) of the capital has been committed from ADG Directors and Management subject to shareholder approval was oversubscribed. The capital raising will be used to meet the settlement price for the latest acquisition and to support and strengthen ADG's balance sheet. 

Company Quote

2 Dec 2014