New Quantum Holdings Pty Ltd entered into a binding agreement to acquire 80% stake in Morrison Securities Pty Ltd from Sequoia Financial Group Limited (ASX:SEQ) for AUD 40.5 million on March 9, 2023. New Quantum Holdings Pty Ltd entered into a share purchase agreement to acquire 80% stake in Morrison Securities Pty Ltd from Sequoia Financial Group Limited on June 5, 2023. The total cash consideration of AUD 40.5 million for an 80% interest in Morrison, to be settled in two tranches: (i) an initial tranche of 50.1% of Morrison, for a consideration of AUD 25.5 million in cash and (ii) a further tranche of 29.9% of Morrison, for a consideration of a further AUD 15 million in cash, on or prior to August 31, 2023. Post-acquisition, Sequoia would own 20% shareholding in Morrison which will have an independent balance sheet. Completion of the transaction is subject to customary conditions including the parties executing formal share sale and shareholder agreements incorporating terms contained in the binding term sheet. The initial consideration of AUD 25.5 million, will be funded by the deposit of AUD 10.5 million already paid by New Quantum and a further payment of AUD 15 million. On receipt of these funds 50.1% of the shares in Morrison Securities will be transferred to New Quantum and held in trust awaiting the Stage 2 final payment which is expected to be settled on or before August 31, 2023. The transaction is expected to complete in August 2023. Point Capital and Beaconsfield Capital Management acted as financial advisor to New Quantum Holdings Pty Ltd.

New Quantum Holdings Pty Ltd completed the acquisition of 80% stake in Morrison Securities Pty Ltd from Sequoia Financial Group Limited (ASX:SEQ) on August 31, 2023.