Brief: Imdex Says It Enters Binding Agreement To Acquire Devico

Imdex

19/01/2023 24:48

Jan 19 (Reuters) - Imdex Ltd  IMD.AX :
    * IMDEX ENTERS BINDING AGREEMENT TO ACQUIRE DEVICO
    * IMPLIED ENTERPRISE VALUE OF A$324 MILLION
    * DEVICO IS EXPECTED TO DELIVER CY2022 REVENUE3 OF A$61
MILLION
AND CY2022 EBITDA3 OF A$29 MILLION
    * INTENDS TO RAISE UP TO A$224 MILLION VIA AN UNDERWRITTEN
INSTITUTIONAL PLACEMENT
    * IMDEX INTENDS TO RAISE UP TO A$224 MILLION (BEFORE COSTS)
VIA AN
UNDERWRITTEN INSTITUTIONAL PLACEMENT
    * ACQUISITION IS EXPECTED TO BE EPS ACCRETIVE FROM FIRST
FULL YEAR
OF OWNERSHIP, BEFORE POTENTIAL SYNERGIES
    * PROPOSING TO UNDERTAKE A CONDITIONAL PLACEMENT OF
APPROXIMATELY
A$3 MILLION TO CERTAIN IMDEX DIRECTORS
    * UP TO A$224 MILLION EQUITY RAISING CONSISTING OF AN
INSTITUTIONAL PLACEMENT, ENTITLEMENT OFFER AND CONDITIONAL
PLACEMENT
    * UNDERTAKING A FULLY UNDERWRITTEN PLACEMENT TO ELIGIBLE
INSTITUTIONAL INVESTORS TO RAISE A$75 MILLION AT AN ISSUE PRICE
OF A$2.20 PER NEW SHARE

Source text for Eikon:  ID:nASX59QR4G 
Further company coverage:  IMD.AX 
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