Paygroup (ASX:PYG) Discloses $2.5 Million Payroll HQ Buyout

November 05, 2020 12:51 PM AEDT
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Human capital management company PayGroup Limited (ASX:PYG) has announced a $2.5 million full-scrip buyout of payroll specialist Payroll HQ. PYG traded on a tad higher note after making this declaration on 4 November.

PYG shall come up with this $2.5 million by issuing 4.1 million shares at 61.5 cents. This price is created upon the volume-weight average price for the 90 days to 02 November 2020. Though, PYG stated that this amount would be fully paid by distributing PYG shares at the price at which it was purchased initially.

The company also informed that all payment shares will be possessed for a period of 24 months.

Meanwhile, PYG stock traded at $0.545, with a market capitalisation of 42.21 million at 11:46 AM AEDT.

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