Hancock & Gore Limited (ASX:HNG) has finalized an agreement to acquire 100% ownership of investee company Mountcastle. Following previous announcements in September and November 2023, H&G has reached a binding agreement with remaining Mountcastle shareholders, pending H&G shareholder approval. The transaction involves issuing 21,602,824 H&G shares at 35 cents per share as scrip consideration.
Notably, Mountcastle's Executive Chairman, Steven Doyle, and CEO, Brad Aurisch, will retain their positions. The completion of the deal, expected within 5 business days of shareholder approval at H&G's February 2024 Annual General Meeting, includes a voluntary escrow period until May 14, 2025. Additionally, vendors are entitled to cash payments equivalent to declared dividends before completion. H&G plans to release preliminary FY23 results in November 2023, offering insights into Mountcastle and H&G's strategy. For more information, contact Executive Chair Sandy Beard.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
