Auctus Asset Management Pty Ltd signed a conditional agreement to acquire an unknown stake in Lux Group Limited from HT&E Limited (ASX:HT1) and others on September 6, 2021. HT&E Limited will receive a maximum consideration of up to AUD 23.2 million. The agreement is conditional on various matters, including AVC raising minimum funding of AUD 60 million.

There is 75 days for the funding to be raised (unless extended). The portion of shares to be purchased is also dependent on the number of shareholders who participate and the amount of funds raised by AVC. As of November 18, 2021, Auctus Asset Management Pty Ltd has been granted an extension to the fund-raising cut-off date to December 17, 2021.

AVC also announced it has raised approximately AUD 45 million and will continue to progress with the capital raising over the coming 2 to 4 weeks with a view to closing out the full proposed raising amount of AUD 90 million (excluding fees). As on December 22, 2021, Auctus Asset Management Pty Ltd acquired 7.26% stake in Lux Group Limited from HT&E Limited (ASX:HT1) and others. Rory Maguire (Corporate Advisory/M&A) with Jaqueline Wilson (Corporate Advisory/M&A) acted as legal advisors to Auctus Asset in the transaction.

Mills Oakley Lawyers acted as legal advisor and Macquarie Bank acted as financial advisor to Lux in the transaction. David Holland of Hogan Lovells Sydney acted as legal advisor to HT &E Limited.