Australia's Alloggio rises on acquiring rental accommodation business

Alloggio

01/12/2022 01:17

** Shares of short-term rental accommodation operator
Alloggio Group Ltd  ALO.AX  rise as much as 6.1% to hit their
all-time high of A$0.260
    ** Co acquires A Perfect Stay Pty Ltd and Boutique Stays Pty
Ltd for A$11.0 mln ($7.49 mln), including A$2 mln earn-out
    ** Says acquisition provides ALO entry into key tourism
destination areas of the Gold Coast, New South Wales North Coast
and Melbourne CBD
    ** Adds acquisition is expected to be "strongly" EPS
accretive before any scale benefits or synergies
    ** Trading volumes are 4.4 times the 30-day average of
166,873 shares
    ** As of last close, stock up 32.4% this year
($1 = 1.4693 Australian dollars)
 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))