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Academies Australasia Group Ltd And DFL Holdings Pty Limited Announces Acquisition And Divestment

Monday, 4 Nov 2013 05:59pm EST 

Academies Australasia Group Ltd announced that it has executed Heads of Agreement with DFL Holdings Pty Limited (DFL) for: AKG to acquire DFL Education (QLD) Pty Limited (DFL-ED) which is wholly owned by DFL, from DFL; and for DFL to acquire Premier Fasteners Pty Limited (Premier), which is wholly owned by AKG, from AKG. DFL-ED is a registered training organisation with courses on the Commonwealth Register of Institutions and Courses for Overseas Students (‘CRICOS’). It operates two hairdressing colleges: Brisbane School of Hairdressing (BSH) and Gold Coast School of Hairdressing (GCSH). Neither of the two transactions will proceed unless the other proceeds too. On the basis of the estimated values of DFL-ED and Premier at 30 September 2013: AKG shall pay DFL consideration of $4.69 million made up of $0.94 million in cash and $3.75 million satisfied via the issue of 3,409,091 new shares in AKG at the notional value of $1.10 per share, while DFL shall pay AKG $7.69 million in cash, in 3 tranches: $0.94 million, $3.0 million and $3.75 million. The target date for completion is November 30, 2013. 

Company Quote

-0.025 -2.33%
19 Dec 2014