Disruptive Investment Group (ASX: DVI) To
Increase Its Stake In iBuyNew.com.au To 100%
Aura Group would like to congratulate Disruptive Investment Group (ASX: DVI) on its recent announcement to increase its ownership to 100% in iBuyNew.com.au.
iBuyNew.com.au (IBN) is a profitable, high growth Australian online property marketplace that connects prospective buyers with over 2,700 new and off-the-plan properties.
DVI currently owns a 50% stake in Find Solutions Australia Pty Ltd (FSA), the owner of IBN, and intends to accelerate an option to acquire the remaining 50% in FSA for approx. $5.9m, implying a total enterprise value of $11.8m.
It is anticipated that the transaction will be completed on or before 1 July 2016.
The total consideration payable to FSA will be approx. $5.9m comprised of:
Founder and CEO Mr. Mark Mendel will continue to lead the business and will also join the DVI board as an Executive Director, subject to shareholder approval, upon completion of the transaction.
- $4.4m as DVI Scrip (245.75m DVI Ordinary Shares at 1.8c per share, subject to 24 months escrow), and
- $1.5m as Cash consideration payable across three $500,000 tranches on 1 July 2016, 31 December 2016 and 1 May 2017
DVI Takes Ownership
-
- There are more pages in this discussion • 18 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
