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read moreAmbition to pay $3m cash for private recruiter
Stan Beer
Tuesday, 14 December 2004 01:00
Listed IT and finance recruitment agency Ambition Group Limited (ASX:AMB) has flagged its intention to re a private recruitment company for $3 million cash.
The proposed acquisition is subject to the signing of a final agreement and due diligence by Ambition.
AMB has stated that it wants the transaction to be completed by the end of January 2005.
The purchase price for the Company will be comprised of an upfront payment of
$1.0 million cash with two further cash payments made over a 2-year earn-out period with an all up cost expected to be in the region of $3 million.
Upon completion, interests associated with the owner of the Company intend to buy 500,000 AMB shares at an issue price of 50 cents each.
Based on information received by Ambition, the takeover target recorded annual revenue of $4.4 million for the financial year ended 30 June 2004. This compares to AMB's revenue for the 6 months ended 30 June 2004 of $10.7 million and revenue for the 12 months ended 31 December 2003 of $16.9 million.
The acquisition is expected to be earnings per share positive in the first 12 months, according to an AMB statement.
AMB shares closed unchanged at 55c on low volume turnover.
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