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Hughes Drilling Ltd Acquires JSW Australia Pty Ltd


Thursday, 3 Oct 2013 08:10pm EDT 

Hughes Drilling Ltd announced that it has completed the Share Sale Agreement with JSW Australia Pty Ltd (JSW) for the acquisition of 100% of the ordinary voting shares in JSW by HD JSW Pty Ltd ACN 165 895 072, a subsidiary of Hughes (Acquisition). The total purchase price comprised 26,918,080 fully paid ordinary shares at AUD0.26 per share equating to AUD6,998,900.80 to be issued to JSW shareholders (New Shares) and retention of existing JSW debt of AUD17.4 million. The New Shares were issued within Hughes 15% capacity under ASX Listing Rule 7.1. The issue price of the New Shares was a 4.0% premium to the trading price of Hughes' quoted ordinary shares at August 16, 2013. Hughes has acquired 100% of the ordinary voting shares, which is 96% of the issued shares in JSW. The balance of issued shares are retained by a JSW executive and do not have voting rights. 

Company Quote

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22 Dec 2014