Grand Banks Yachts Limited (SGX:G50) entered into a share purchase agreement to acquire Stuart Yacht Corporation from Gregory Burdick and Nancy Burdick for $3.2 million on February 23, 2018. Gregory Burdick and Nancy Burdick, each hold 6 ordinary shares of Stuart Yacht. Under the terms of agreement, the purchase consideration will be satisfied by paying $0.1 million on signing of agreement, $0.3 million to be paid upon satisfactory due diligence and transfer of shares at closing date, $0.6 million to be paid to pay off sellers’ lien at closing date and remaining $2.2 million to be paid over a period of six years. In connection with this deferred payment, at closing, a Collateral Pledge and Escrow Agreement will be executed as per which Grand Banks will issue a promissory note in favor of Gregory Burdick and Nancy Burdick and Grand Banks Yachts’ obligation to fulfill the said payment is secured by way of a pledge over the shares of the Stuart Yacht pursuant to a collateral pledge and escrow agreement to be entered between the Grand Banks and the Stuart Yacht. The purchase price will be funded from internal sources of funds. Following the completion, Stuart Yacht Corporation will operate as a wholly owned subsidiary. Following the completion, Mark Jonathon Richards and Samuel Henry Compton will be appointed as Directors of Stuart Yacht. The transaction is subject to satisfactory legal and financial due diligence review, independent valuation report and approval by the regulatory authorities. The deal is expected to close on May 9, 2018 or 75 days from the date of the share purchase agreement. The acquisition is not expected to have a material financial impact for the financial year ending June 30, 2018. Thomas Johnson & Associates, Inc. has commissioned the independent valuation report. Grand Banks Yachts Limited (SGX:G50) completed the acquisition of Stuart Yacht Corporation from Gregory Burdick and Nancy Burdick on May 9, 2018.