Australia's LaserBond gains on deal to buy United Surface Technologies

LaserBond

15/06/2020 03:09

** Shares of industrial equipment maker LaserBond Ltd
 LBL.AX  jump as much as 12.5% to A$0.450, in their biggest
intraday pct gain since April 30
    ** Co enters a memorandum of understanding to buy
Melbourne-based United Surface Technologies, a thermal coating
service provider  urn:newsml:reuters.com:*:nFWN2DQ099
    ** Co expects to complete acquisition by June 30, with the
A$1.1 mln ($1.10 mln) purchase price funded largely through
existing equipment financing facilities and cash reserves
    ** About 336,560 shares change hands, compared with the
30-day average vol of 49,038 shares 
    ** As of last close, stock down 43.7% this year 

($1 = $1.0000)

 (Reporting by Shriya Ramakrishnan in Bengaluru)
 ((Shriya.Ramakrishnan@thomsonreuters.com;))