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Q Ltd Signs Unit Purchase Agreement To Acquire Alpha Mining Accommodation Trust


Friday, 7 Jun 2013 12:58am EDT 

Q Ltd announced that it has signed a Unit Purchase Agreement (UPA) with Alpha Interests Pty Limited (Alpha) the sole vendor of Alpha Mining Accommodation Trust (Alpha Trust) for of all of the issued units in the Alpha Trust, and backdoor listing of the Alpha Trust business (Transaction). Q Ltd has entered into a Unit Purchase Agreement to acquire 100% of the Alpha Trust by acquiring all of the issued units in the Alpha Trust. It is proposed to re-name QXQ if the Transaction completes to reflect the change in direction of the Company in joining the accommodation and mining services sector. Alpha Trust is an Australian entity whose strategy is to source suitable locations and to secure, build and manage quality short and long term accommodation for the mining industry across Australia, commencing with The Alpha Accommodation Village in Alpha, Queensland. Completion of the Transaction will be subject to ASX and QXQ shareholder approval. QXQ and Alpha Interests Pty Limited have entered into the Unit Purchase Agreement pursuant to which the parties have given certain undertakings to each other in order to facilitate the implementation of the Transaction. In consideration for the acquisition of 100% of the issued units in the Alpha Trust, QXQ will issue 50,000,000 fully paid ordinary shares in QXQ (Shares) to the unit holders in the Alpha Trust. The Shares will be subject to ASX mandatory escrow requirements. 

Company Quote

0.0070
0.0010 +16.67%
1 Aug 2014