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Western Australia-based Plan B has now fully acquired Melbourne-based Strategic Financial Management.
The company announced to the Australian Securities Exchange (ASX) that it had exercised its call option to acquire the outstanding 14 per cent stake in Strategic not already owned by Plan B.
The transaction involved the issue of 963,208 new ordinary Plan B Shares, which have been voluntarily escrowed for 12 months, and the payment in cash of $750,000.
Commenting on the move, Plan B executive chairman Brian Taylor said the early completion of the acquisition was evidence of the strong relationship that had built up between Strategic and Plan B.
“We expect that this synergistic acquisition will help facilitate the continued growth of Strategic,” he said.
