Australia's Powerhouse Ventures hits near 1-1/2 year high on New River acquisition

Powerhouse Ventures

20/09/2024 05:40

** Shares of Powerhouse Ventures  PVL.AX  rises as much as
11.1% to A$0.060, their highest since May 25, 2023
    ** Stock posts biggest pct gain since early September
    ** Investment Manager to acquire New River Asset Management
for 2 mln shares in co 
    ** Co says the acquisition will help expand into funds
management and other advisory activities
    ** Adds, acquisition will be immediately accretive
    ** PVL up 33.3% YTD, as of 0428 GMT

 (Reporting by Kumar Tanishk in Bengaluru)
 ((Tanishk.Kumar@thomsonreuters.com;))