Brief: Environmental Group Says Signed Binding Agreement To Buy Airtight Pty Ltd

Environmental

18/04/2023 02:06

April 18 (Reuters) - Environmental Group Ltd  EGL.AX :
    * SIGNED A BINDING AGREEMENT TO ACQUIRE 100% OF SHARES IN
AIRTIGHT
PTY LTD
    * WILL UNDERTAKE AN EQUITY CAPITAL RAISING OF UP TO A$9.0
MILLION
    * PROCEEDS FROM PLACEMENT AND SPP TO SUPPORT ACQUISITION AND
GROWTH OF AIRTIGHT
    * ACQUISITION EXPECTED TO DELIVER MORE THAN 15% EPS
ACCRETION IN
FY24 (BEFORE SYNERGIES)
    * AIRTIGHT EXPECTED TO GENERATE REVENUE OF A$18.2 MILLION
AND
NORMALISED EBITDA OF A$1.8 MILLION IN FY23
    * ACQUISITION FOR A$7.0 MILLION PLUS UP TO A$5.0 MILLION
EARNOUT
BASED ON FY24 EARNINGS
    * PLACEMENT AT AN ISSUE PRICE OF A$0.20 PER SHARE

Source text for Eikon:  ID:nASX1DkWXP 
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