Scott Technology Limited (NZSE:SCT) signed an agreement in principle to acquire Machinery Automation & Robotics Pty Ltd. for AUD 3.3 million on December 4, 2014. Scott Technology Limited completed the due diligence on Machinery Automation & Robotics Pty Ltd. and will now work toward signing the agreement and finalising the transaction with a target settlement date of January 31, 2015. The transaction would be funded by bank borrowings and the Board will consider a capital raising in 2015 to reduce Scott Technology Limited's borrowings following this proposed acquisition. Scott Technology Limited (NZSE:SCT) settled on an agreement to acquire Machinery Automation & Robotics Pty Ltd. on January 30, 2015. The deal will be funded by combination of bank debt of AUD 12 million and shares in SCOTT issued to the vendor amounting to AUD 12 million. Machinery Automation & Robotics has annual revenue of AUD 20 million. The transaction is expected to be closed by January 31, 2015.

Scott Technology Limited (NZSE:SCT) completed the acquisition of Machinery Automation & Robotics Pty Ltd. on January 31, 2015. 0.7 million shares of Scott Technology Limited were issued as consideration and NZD 2.47 million (AUD 2.28 million) is paid in cash and NZD 10.41 million (AUD 9.62 million) is advanced to Machinery Automation & Robotics to repay existing loans relating to the purchase of intellectual property. The currency conversion is made on ww.oanda.com on December 4, 2014.