Insurance assessors Stream Group (ASX:SGO) is raising capital and has been granted an ASX trading halt.
In September, the company agreed to acquire the remaining 60% of National Insurance Replacement Services (NIRS) by issuing $799,999 worth of shares in Stream to the remaining shareholders of NIRS.
NIRS is a national provider of innovative contents validation and fulfilment services to insurers and claims handlers.
It is expected to increase the number of insurance customers and add about $6 million to $7 million in revenue on an annualised basis.
The company is also in the final process of acquiring the remaining 61% in Cerno Limited that it does not own.
Stream intends to make an offer and complete the acquisition of Cerno during the first half of FY15.
The halt will last until the earlier of the announcement being made or the start of trading on Wednesday, 15 October 2014.
Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.
