Acquisitions completed

TWO WA-listed companies have completed acquisitions from proposals announced in the past three months.Project management group Farsands has completed the acquisition of specialist environmental and engineering consultancy, DASCEM, after commencing takeover proceedings in June. Farsands chief executive Peter Coney said the acquisition of Melbourne-based DASCEM provided strong synergy with existing business units, particularly the MPL group. The purchase price for DASCEM was $5.5 million, payable as $3 million cash and $500,000 in convertible notes and a $2 million deferred component based on performance hurdles. Biron Capital has completed the takeovers of the Ed Harry Group and the Physico Group proposed by the company in early August. To fund the acquisitions, Biron raised $9 million by issuing 15 million shares at an issue price of 60 cents each. It also issued six million fully-paid shares to the vendors of the Physico Group and 3.3 million shares to the vendors of the Ed Harry Group.

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