Global Investments (Australia) currently holds around 75.33% of the total issued ordinary share capital of the Australian exchange-listed Stanmore Resources.
The US$30 million cash consideration price tag was arrived at on a “willing-buyer and willing-seller basis” after taking into account inter alia, the net asset value of the sale shares of Golden Investments (Australia).
In its Dec 10 regulatory filing, Gear says the acquisition – which is slated to be completed in seven days – will not have any material impact on the group’s earnings per share.
It adds that this may decrease the consolidated net tangible asset of the group by around 6.4% for FY2021 ending on Dec 31.
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Shares’s in Gear closed at 31 cents, down half a cent of 1.59%, before the announcement.
Cover image: file photo
