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Core Services Group Ltd To Acquire Marcon Pty Ltd and Core Plant & Equipment Pty Ltd

Monday, 19 Nov 2012 07:00pm EST 

Core Services Group Ltd announced that it has entered into a Share Sale Agreement (SSA) to acquire all of the shares in Marcon Pty Ltd and Core Plant & Equipment Pty Ltd (collectively Marcon Group or Group) (Acquisition), a private Western Australian based Group providing civil and multi-discipline engineering, procurement and construction services to the resources and infrastructure sector. Under the SSA, the consideration payable by the Company to the shareholders of the Marcon Group is: an upfront issue of CSG shares (post-consolidation) valued at AUD 3,550,000 on completion being 50% of the agreed valuation of the Marcon Group (Initial Payment); and deferred issues of shares dependent on the Earnings before Interest and Tax (EBIT) of the Marcon Group for the year ending June 30, 2013 (FY13 EBIT) (Deferred Payment), (together the Consideration Shares). In addition, CSG has agreed to repay AUD 2,500,000 of Convertible Note debt that currently exists in the Marcon Group. 

Company Quote

0.06 +26.09%
17 Jan 2014