Brief: Sg Fleet Says To Acquire Leaseplan ANZ

SG Fleet

31/03/2021 02:38

March 31 (Reuters) - SG Fleet Group Ltd  SGF.AX :
    * TO ACQUIRE LEASEPLAN ANZ FOR CASH CONSIDERATION OF $273
MILLION
AND 13% EQUITY INTEREST IN COMBINED ENTITY
    * EXPECTS TO GENERATE ABOUT $20 MILLION IN PRE-TAX RUN-RATE
SYNERGIES PA AFTER MIGRATION OF LEASEPLAN'S OPERATIONS AND
SYSTEMS
    * UNDERLYING CASH EPS ACCRETION PRIOR TO OPERATIONS &
SYSTEMS
MIGRATION EXPECTED TO BE ABOUT 5%, TO ACCELERATE TO ABOVE 20%
POST-MIGRATION
    * PROPORTION OF RECURRING REVENUE, NOW 56% OF TOTAL NET
REVENUE
FOR CO, WILL INCREASE TO 70% AFTER LEASEPLAN'S SYSTEMS MIGRATION
    * CAPITAL EXPENDITURE OF ABOUT $9 MILLION WILL BE REQUIRED
FOR
SYNERGY REALISATION ARISING FROM SYSTEMS MIGRATION
    * UNDERTAKING A 1 FOR 7.44 ACCELERATED PRO-RATA
NON-RENOUNCEABLE
ENTITLEMENT OFFER TO RAISE GROSS PROCEEDS OF $86 MILLION
    * OFFER PRICE FOR ENTITLEMENT OFFER WILL BE $2.45 PER NEW
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Source text for Eikon:  ID:nASX8JdZPg 
Further company coverage:  SGF.AX