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PPK Group Limited (ASX:PPK) is a plastics manufacturing company that manufactures and distributes acrylic and thermoplastic sheeting. The Group also manufactures hand-held equipment for the underground coal mining industry and holds a portfolio of industrial properties.
PPK Group Limited has announced that it has entered into formal agreements to acquire AIC Investment Corporation Pty Ltd (AICIC) and a 50% interest in BNNT Technology Ltd. The company has completed due diligence and executed formal documentation to proceed with the acquisition.
The key highlights of the pact are as follows:
- PPK Group Ltd has inked a pact to buy AIC Investment Corporation Pty Ltd (AICIC) and a 50% interest in BNNT Technology Ltd;
- This acquisition provides PPK with the opportunity to participate in the bulk scale production, and commercialization of Boron Nitride Nanotubes which have multiple high added value uses in mining, defense, aeronautical, space, medical and various other industries;
- This acquisition also provides PPK with equity in two other technology ventures which are now in the process of being commercialized;
- A shareholder meeting will be held to seek approval of this transaction is expected to be held by mid-March 2019.
AICIC has got 50% of BNNT Technology Limited, a joint venture company which holds an exclusive 20-year license in respect of technology developed by Deakin University to manufacture BNNT on a commercial basis.
BNNTs are ultra-advanced nanomaterial which poses the properties such as the, a superior thermal conductivity, transparency with respect to optical and infrared, stability in terms of the thermal and chemical reactions, neutron shielding capability, electrical insulation properties, and extreme flexibility. BNNTs are lightweight and are considered to be stronger than high-strength steel and industrial-grade carbon fiber.
AICIC also has stakes in a couple of other technology ventures which the company will participate in. The company will also enjoy a priority arrangement with AIC that provides the company with the first right to innovations and technologies introduced & commercialized by AIC over the period of next five years.
The key terms of the acquisition were summarised in the Companyâs announcement dated 13 November 2018 and will be set out in further detail in the Notice of Meeting and Explanatory Statement for a shareholder meeting to approve the acquisition. It is anticipated that this shareholder meeting will be held mid-March 2019 and the Notice of Meeting will be sent to all shareholders at the earliest opportunity.
Now let us quickly look at the companyâs stock performance over the last few months. The stock is currently trading at $ 0.595, with a market capitalization of circa $41.59 Mn as on 24 Jan. 2019. The stock has opened the trade at $0.595 & is also the dayâs high. The stock has delivered a YTD return of -0.85%. The company has posted returns of 72.06%, 88.71% and 30% over the last six months, three months and one-month period respectively, as on 23 January 2019. It has a 52-week high price of $0.96 and a 52-week low of 0.210, with an average volume of 147,465 approximately.
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