Euroz Limited (ASX:EZL) has announced that it has joined hands with Hartleys Limited for a proposed deal to merge 2 of Western Australia’s most prominent management companies.
- Euroz is offering $30.2 million i.e. 33 million shares at 91.5 cents per share for 100% of Hartleys
- Hartley shareholders will own 17% of the entity and 2 nominees will join EZL Board
Further, EZL also provided a trading update reporting good trading conditions leading to robust brokerage and revenues.
- Underlying cash profits after tax were of $6.7 million for 11 months to 31 May
- On headline basis, unaudited net loss after tax of $4 million
- Total value of cash and investments is over $100 million
EZL also intends to pay final dividend of 6 cents per share given completion of the Prodigy investments and a greater cash position.