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SOUTHERN CROSS ELECTRICAL ENGINEERING LTD — M&A Activity 2016
Jun 28, 2016
65884_rns_2016-06-28_6fd6125f-cfcd-4b9b-9817-dcb9387b8afb.pdf
M&A Activity
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29 June 2016
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SCEE completes Datatel acquisition
ASX & media announcement ASX code: SXE
Southern Cross Electrical Engineering Limited (‘SCEE’) is pleased to advise that further to the announcement of 9 June 2016 it has now completed the acquisition of Datatel Communications Pty Ltd (‘Datatel’).
Datatel is an award winning electrical and communications contractor with a significant presence in the telecommunications and infrastructure sectors in Western Australia, including relationships with key lead contractors in the delivery of the National Broadband Network (‘NBN’) project. Datatel’s electrical and communications business is driven by activity in the commercial, industrial, health and education sectors.
The acquisition of Datatel provides SCEE with a significant and immediate market entry into the Telecommunications sector with a credible platform which can be leveraged to enter other geographic markets.
The Initial Consideration of $5.6m in cash and $0.6m[1] in new fully paid ordinary SCEE shares has today been issued to the vendors.
1 1,215,688 SCEE shares issued at the 5-day VWAP prior to the announcement of the acquisition on 9 June 2016 of $0.51. Shares are subject to a voluntary escrow period of 12 months.
Contact
SCEE Perth Office 41 Macedonia Street Naval Base WA 6165 T: +61 8 9236 8300
Graeme Dunn CEO & Managing Director E: [email protected]
Colin Harper Company Secretary E: [email protected]
Southern Cross Electrical Engineering Limited
ABN 92 009 307 046