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INVESTSMART GROUP LIMITED — M&A Activity 2013
Aug 12, 2013
65130_rns_2013-08-12_5d11a009-5f98-450e-a2b1-0cd6327bb6d4.pdf
M&A Activity
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Australasian Wealth Investments Limited ACN 111 772 359
Level 4, 1 Alfred Street Sydney NSW 2000 Australia Telephone +612 9080 2377 Fax +612 9080 2378
13 August 2013
Attention: Company Announcements ASX Limited Sydney NSW 2000
By E-lodgement
Acquisition of InvestSmart
Australasian Wealth Investments Limited [ASX:AWK] has entered into a binding agreement to buy InvestSMART from Fairfax Media Limited [ASX:FXJ] for a cash consideration of $7.0 million.
Completion of the transaction is dependent on a capital raising process by AWK. In the event the transaction does not complete, AWK will pay Fairfax a break fee of $150,000.
InvestSMART, established in 1999 and acquired by Fairfax in 2007, is an online financial services portal in Australia, providing self-directed investors with low cost access to financial information and products. The sale agreement contains plans to maintain a commercial relationship between Fairfax and InvestSMART, including the sale of display advertising on InvestSMART.com.au and the promotion of Fairfax products and services to the InvestSMART client base.
Enquiries in relation to the acquisition should be directed to Mr Andrew Barnes on:
Telephone: +64 9927 9503 Mobile: +64 275 781 402
Further details in relation to the proposed capital raising will be issued shortly.
Yours faithfully
Australasian Wealth Investments Limited
Richard Matthews Company Secretary