Nice to see a little bit of exposure.Eumundi's property...

Nice to see a little bit of exposure.


Eumundi's property brew.

James McCullough
August 07, 2007 12:00am

ONE-time Queensland boutique beer company Eumundi Group yesterday cemented its position as a burgeoning state property investor and developer by announcing it would acquire the Honeycombes Property Group in a multimillion-dollar deal.

Eumundi, chaired by Brisbane lawyer Joe Ganim with local director Vern Wills on the board, is acquiring Peter Honeycombe's private property group in a deal both parties hope will take both companies to the next level.
The offer comprises 287 fully paid ordinary shares in Eumundi for every share in Honeycombes.

If approved by shareholders the deal would effectively result in a backdoor listing for the private Honeycombes group and beef up Eumundi's property assets.

The Eumundi share price yesterday closed up half a cent at 33.5¢ on volume of 131,000 shares.

On completion of the deal, Eumundi will own 97 per cent of the shares of Honeycombes with the balance being held by entities associated with Mr Honeycombe, who will be appointed managing director of Eumundi.

"The acquisition will capitalise on the synergies that the Eumundi board believe exist between Honeycombes Property Group and Eumundi," according to Mr Ganim.

He said Honeycombes had an established residential property business that would complement and enhance the commercial property portfolio that Eumundi had built up in recent years.

"Eumundi is principally a commercial property holding company with assets that have development capability," said Mr Ganim.

Eumundi is convening a shareholder meeting in November to vote on the proposal.

If the deal were waved through by shareholders of both groups, Eumundi would be owned 61.5 per cent by existing shareholders and 38.5 per cent by Honeycombes shareholders.

Mr Ganim will step down as chairman at the forthcoming AGM of Eumundi, being replaced by Annabell Chaplain although Mr Ganim will remain on the board as a non-executive director along with Mr Wills.


http://www.news.com.au/couriermail/story/0,23739,22199947-3122,00.html