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Bisan Ltd Announces Proposed Acquisition Of Foxfire Capital Pty Ltd


Tuesday, 7 May 2013 02:04am EDT 

Bisan Ltd (Bisan) announced that it has signed a non-binding letter of intent to acquire 100% of the share capital in Foxfire Capital Pty Ltd (Foxfire), a boutique corporate advisory and securities trading business. The acquisition is subject to completion of a formal due diligence process to be completed within 30 days. Under the terms of the proposed acquisition, Bisan will pay AUD 250,000 to be satisfied by the issue of ordinary shares in the Company at a price calculated at the 30 day VWAP prior to the settlement date; and subject to any necessary regulatory and shareholder approvals, Bisan will issue 2,000,000 shares in Bisan to the Vendors as deferred consideration if Foxfire achieves EBITDA of at least AUD 500,000 in the financial year ended June 30, 2014; and a further 2,000,000 shares if Foxfire achieves EBITDA of AUD1,000,000 in the financial year ended June 30, 2015. These shares will be issued at a price to be calculated at the 30 day VWAP prior to the issue date. 

Company Quote

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28 Jan 2015