NZ's Savor sees best day in 3 weeks on acquisition of Hipgroup venues
09/03/2021 22:45
** Shares of brewing and hospitality co Savor Ltd SVR.NZ
jump as much as 7.5% to NZ$0.20, marking their best intraday
percentage gain since Feb. 19
** Co announces acquisition of hospitality co Hipgroup's
venues, Amano, Ortolana and The Store in Auckland urn:newsml:reuters.com:*:nNZW6qCcFx
** Savor says it offered NZ$7.15 mln ($5.13 mln) cash
payment, NZ$1 mln of ordinary shares in co and deferred cash
payment of $2.85 mln to be paid 12 months from completion of the
acquisition
** Says the transaction will be funded through additional
debt financing, and fully underwritten equity capital of NZ$6
mln
** SVR says that acquired venues will be immediately
accretive with expected NZ$3 mln annual EBITDA
** Share price at its highest since Feb. 22
** Stock down 25.6% this year, as of last close
($1 = 1.3943 New Zealand dollars)
(Reporting by Harish Sridharan in Bengaluru)
((harish.sridharan@thomsonreuters.com))