Why are APE, WBT and NCM in focus today?

In a dynamic day of corporate news, three major companies are in the spotlight for their strategic moves and developments. Eagers Automotive is set to significantly expand its presence in Victoria through a substantial acquisition of dealerships and strategic properties. Meanwhile, Weebit Nano reassures stakeholders that its operations remain unaffected by ongoing events in Israel, emphasizing its commitment to maintaining work continuity. Additionally, Newcrest Mining announces key dates for its proposed acquisition by Newmont, providing shareholders with essential information on the upcoming Scheme Meeting and Court hearing. These developments underscore the ever-evolving landscape of corporate strategies and global operations.

Eagers Automotive's Strategic Expansion in Victoria Grabs Spotlight

• Major Acquisition: Eagers Automotive Limited (ASX: APE) has announced a significant move to expand its presence in Victoria by acquiring a portfolio of dealerships and strategic properties across Melbourne and the Mornington region. The purchase price totals approximately AU$245 million, comprising AU$111 million for goodwill, AU$100 million for property, and AU$34 million for net assets.
• Brand Portfolio: The acquired dealership group boasts a diverse and high-quality brand portfolio representing 12 OEM partners, with an emphasis on prestigious brands like BMW, Jaguar, Land Rover, Mercedes-Benz, and others.
• Scale and Turnover: This expansion adds substantial scale to Eagers' Victorian operations, with the acquired dealerships contributing an annual turnover of around AU$1.0 billion.
• Strategic Properties: As part of the transaction, Eagers will also acquire three strategic properties totaling approximately 53,500 sqm, strategically located in Brighton and Mulgrave.
• CEO's Perspective: Eagers Automotive CEO Keith Thornton expressed enthusiasm for the acquisition, stating that it significantly bolsters the company's presence in Melbourne, an area with substantial growth potential. He highlighted that the addition of these dealerships and properties aligns with their Next100 strategy.
• Conditions and Approval: The acquisition is subject to customary conditions, including OEM consent, due diligence finalization, transaction documentation, finance approval, and landlord consents. It will also require shareholder approval due to the relationship between Mr. Politis and the selling entities.
• Shareholder Decision: Eagers Automotive shareholders will be asked to approve the transaction at a General Meeting, anticipated to be held in early 2024. Shareholders will receive further information, including an Independent Expert's Report, to make an informed decision.

Weebit Nano Operations Remain Unaffected Amid Israel Situation

• Uninterrupted Operations: Weebit Nano Ltd (ASX: WBT) reassures stakeholders that its operations in Israel remain unaffected by the recent conflict in the region. The company's lab continues to operate normally in a protected location, and none of its employees or their immediate families have been impacted.
• Contingency Plans: Weebit has contingency plans in place to enable employees to work from home if necessary, ensuring operational continuity. The company maintains regular communication with R&D and commercial partners worldwide.
• CEO's Commitment: Weebit Nano CEO Coby Hanoch emphasizes the company's dedication to maintaining work progress despite challenging situations, underscoring Israel's tradition of not allowing disruptions to hinder work.

Newcrest Mining's Scheme Meeting for Acquisition by Newmont

• Scheme Meeting: Newcrest Mining Limited (ASX: NCM) announces a crucial development regarding its proposed acquisition by Newmont Overseas Holdings Pty Ltd. The Scheme Meeting is scheduled for Friday, October 13, 2023.
• Court Hearing: Pending approval by Newcrest Shareholders at the Scheme Meeting, the Court hearing for scheme approval is set for Tuesday, October 17, 2023, at the Federal Court of Australia in Melbourne.
• Shareholder Participation: Shareholders have the right to appear and be heard at the Court hearing and may oppose the approval of the Scheme. Instructions for opposing the Scheme are provided in the announcement.

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