SeaLink Travel Group (ACN 109 078 257) (ASX: SLK) (SeaLink) today announced that it has entered into an agreement to acquire 100% of the securities in the Transit Systems Marine business which encompasses passenger and vehicular ferry services in south-east Queensland and in Gladstone, subject to satisfaction of customary conditions precedent. The purchase price is $125 million (plus working capital adjustments) and includes vessels, land, plant equipment, all contracts, licences, intellectual property and goodwill. The price includes a deferred payment of up to $3 million, which is subject to certain conditions.
SeaLink also announced the successful Placement of approximately 16 million shares at a price of $2.50, a 3.5%2 discount to the 10 day VWAP of SeaLink shares on the ASX up to 15 September 2015. SeaLink will also offer all eligible shareholders the opportunity to acquire additional shares (up to $15,000 each) via a non-underwritten Share Purchase Plan that will seek to raise up to $16.9 million.
SeaLink Managing Director, Mr. Jeff Ellison said, “This is a major opportunity for SeaLink to crystallise our growth strategy following our successful listing on the ASX in 2013. It also reinforces our position as the leading provider of marine ferry services in Australia and will be transformational for the company. It provides us with a new growth engine as it will significantly enhance our ability to compete for large scale marine transport business opportunities in Australia and overseas.”