Australia's Hancock & Gore hits over 2-mth high on Mountcastle acquisition

Schoolblazer

04/09/2023 02:35

** Shares of Hancock & Gore  HNG.AX  rise as much as 6.3% to
A$0.340, their highest level since June 23
    ** Investment co reaches principle agreement to acquire an
additional 40.3% stake in Mountcastle, in which co already owns
49.4% 
    ** If acquisition proceeds, HNG will hold 89.8% of
Mountcastle
    ** Acquisition comprises a cash component of A$5.0 mln 
($3.23 mln) upon completion, among others 
    ** HNG aiming to complete acquisition by 1 Nov 2023
    ** Acquisition to contribute to cash profit growth and
future dividends - co
    ** Stock set for 5th consecutive day of gains, if gains hold
    ** HNG up 14.3% YTD as of last close

    
($1 = 1.5475 Australian dollars)

 (Reporting by Adwitiya Srivastava in Bengaluru)
 ((Adwitiya.Srivastava@thomsonreuters.com;))