Veris Limited (ASX: VRS) announced the sale of Elton Consulting Pty Ltd (Elton) to WSP Australia Pty Limited for $13 million.
The sale will result in a significant drop in the net debt and a cash injection that will strengthen VRS’ balance sheet and help to focus on growth opportunities within its core business Veris Australia and Aqura Technologies.
- WSP Australia Pty Ltd acquired 100% of shares of Elton.
- $13 million on settlement subject to a holdback amount is expected to be paid within ~90 days after settlement, subject to finalisation of closing financial statements.
- Elton has declared and will pay a dividend to VRS prior to 31 December 2019 in an amount equivalent to the amount in excess of the Target NA (circa $920,000).
There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.
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