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Dewhurst PLC Announces Potential Acquisition In Dual Engraving


Monday, 12 Nov 2012 02:00am EST 

Dewhurst PLC announced that it has signed a conditional agreement to acquire 70% of the business and assets of the partnership trading as Dual Engraving from D.E. Corporate Pty Ltd and Datree Pty Ltd. The Company will acquire the 50% stake of David Waideman (held by Datree Pty Ltd) for a maximum cash consideration of AUD2,050,000 on completion. David Waideman will retire from the business and has agreed to certain restrictive covenants for a period of three years. The Company has also agreed with Michael Cook (held by D.E. Corporate Pty Ltd), the remaining shareholder in Dual, to acquire a further 20% stake for a maximum cash consideration of AUD820,000 on completion. Michael will retain a 30% stake within the business and act as Director and Operations Manager of Dual. There is also provision within the agreement for Dewhurst to acquire an additional 10% stake within the first two years for a maximum of $410,000 as well as pre-emption rights on the remaining 20% shareholding. Michael also has certain restrictive covenants for a period of three years. 

Company Quote

430.0
-12.5 -2.83%
29 Aug 2014