Leading engineering services company, Neptune Marine Services, has completed the acquisition of Perth based Access Management (WA) Pty Ltd.
Neptune acquired 100% of the issued capital of Access Management for an initial cash payment of $3.6 million. The Company also issued 2,122,222 fully paid ordinary shares at 42.43 cents each, valued at $900,550 calculated on a 10 day VWAP prior to the date of the issue. The shares were issued to the trustees of superannuation funds controlled by the vendor, Steven McCarthy and Moira McCarthy, and will be held in voluntary escrow for 12 months. Earn out payments will be made over a three year period, 80% in cash and 20% in Neptune shares.
As part of the acquisition, McCarthy will remain with the business for a minimum of three years. Similarly, all of Access Management’s 13 full-time employees and casual employees will continue to be employed.
Access Management also operates a Singapore subsidiary which Neptune plans to expand as part of the Company’s focus on the South East Asian region.
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