PEXA Group Sets Sights on UK Expansion Through Smoove PLC Acquisition

PEXA Group Limited, a leading digital property exchange platform and property insights solutions provider listed on the ASX, has recently announced its plans to acquire the UK-based conveyancing technology provider Smoove plc. The acquisition will be executed through a scheme of arrangement, with shareholders of Smoove entitled to receive 54 pence in cash for each Smoove Share they hold. The board of directors at Smoove intends to wholeheartedly recommend that Smoove Shareholders vote in favour of the scheme and the necessary resolutions to facilitate the acquisition during the relevant shareholder meetings.

In financial terms, the Consideration values Smoove at £30.8 million (AU$58.6 million) on a fully diluted basis, or £20.8 million (AU$41.5 million) net of the acquired cash, which stood at £9.2 million as of September 30, 2023, and an additional £0.8 million received from the exercised options.

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