Thursday, 19 December 2013
Countplus Limited has executed an unconditional agreement to sell one of its Perth based member firms, Lawrence Business Management and its subsidiaries (LBM Group), to a group of the business' new management team for a cash consideration of approximately $7.3 million.
Settlement will be in early January 2014.
The Countplus Board had formed the view that the LBM Group would not meet the company's long term growth plans and initiated discussions with the LBM Group's new management team to sell the business to them. The Directors believe the transaction is in the best interests of Countplus.
The sale is expected to have only a minor negative impact (approximately 3%) on the Company's earnings per share in 2014 including an immaterial impairment loss and is not expected to materially impact the Group's previously announced earnings guidance. The sale will enable Countplus to redeploy the capital to acquisition opportunities as they arise, which meet our strategic objectives and future growth plans. In the meantime, the proceeds will be applied to reduce company debt.
Michael Spurr
Chief Executive Officer
Countplus Limited
Ph: 02 8272 0223
Email: michael.spurr@countplus.com.au
ASX Announcement - CUP 1 19 December 2013
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