Australia's IVE Group over 2-1/2-year high on Ovato buyout completion

Ive

14/09/2022 06:04

** Shares of advertising and marketing company IVE Group Ltd
 IGL.AX  gain as much as 11.4% to A$2.54 - hit their highest
since January 2020 
    ** Co announces completion of printing service provider
Ovato Ltd's acquisition for A$16 million ($10.77 million)
 urn:newsml:reuters.com:*:nASX3SV6vh
    ** "Key Ovato production assets acquired by IVE are modern,
in good condition, complementary to IVE's existing production
facilities" - IVE CEO Matt Aitken
    ** Co entered into implementation deed for Ovato buyout on
Aug. 10 and received the green light from Australian competition
commission on Aug. 30  urn:newsml:reuters.com:*:nFWN2ZL25I  urn:newsml:reuters.com:*:nFWN3051CW 
    ** More than 1.1 mln shares change hands, compared with the
30-day average volume of about 246,000 shares
    ** Stock has risen 31% this year, as of last close

($1 = 1.4850 Australian dollars)

 (Reporting by Jaskiran Singh in Bengaluru)
 ((Jaskiran.Singh@thomsonreuters.com;))