Plexure Group Limited (NZSE:PX1) entered into non-binding Term Sheet to acquire Task Retail Pty Limited from Houden Family and others for AUD 120 million on June 23, 2021. Plexure Group Limited (NZSE:PX1) entered into binding agreement to acquire Task Retail Pty Limited from Houden Family and others for AUD 120 million on August 15, 2021. Under the agreement, Plexure Group Limited shall pay AUD 30 million through cash, and will issue 134.3 million shares. Plexure will also issue 2.7 million shares to Latimer Partners as part of TASK LTI Scheme. The shares are comprised of AUD 78.5 million Plexure shares (escrowed) and to selected long-serving TASK employees, AUD 11.5 million of Plexure shares (deferred and only to be issued after a specified period of further service). For year ended June 30, 2021, Task Retail Pty Limited has reported revenues of AUD 13.5 million (NZD 14 million), EBITDA of AUD 2.4 million (NZD 2.4 million), EBIT of AUD 1.6 million (NZD 1.7 million), total assets of AUD 4.4 million (NZD 4.5 million), net assets of AUD -0.1 million (NZD -1.0 million). As of September 1, 2021, Plexure undertakes capital raising of up to AUD 20.0 million to partially fund the acquisition. Upon completion, current TASK advisor Bill Crichton will join the Board of Directors of Plexure Group as a Non-Executive Director. Daniel Houden will also join the Board of Directors of Plexure Group and will be appointed Chief Executive Officer upon completion. The transaction is subject to Plexure shareholder approval. The transaction is also subject to Plexure undertaking a capital raising of up to AUD 20 million prior to completion. As of September 24, 2021, the transaction is approved by shareholders of Plexure Group. The transaction is anticipated to complete on Friday, October 1, 2021. Mark Nesbit of Latimer Partners Pty Ltd acted as financial advisor for Task Retail Pty Limited. PricewaterhouseCoopers Australia acted as accountant, Simmons Corporate Finance Limited acted as financial advisor and Bell Gully acted as legal advisor to Plexure Group Limited. Computershare Investor Services Limited acted as registrar to Plexure.
Plexure Group Limited (NZSE:PX1) completed the acquisition of Task Retail Pty Limited from Houden Family and others on October 1, 2021. All closing conditions have been met.