Meteoric to acquire courier business

01/02/2016 - 13:41

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Meteoric Resources has announced plans to acquire an unlisted courier business and adopt its business model in a deal valued at about $12.9 million.

Meteoric to acquire courier business
People Post connects businesses and consumers with registered ‘runners’ nearby.

Meteoric Resources has announced plans to acquire an unlisted courier business and adopt its business model in a deal valued at about $12.9 million.

Meteoric plans to acquire business to consumer, consumer to consumer and business to business courier company People Post in exchange for 370 million shares, along with performance shares subject to the achievement of certain milestones.

At Meteroic’s opening share price of 3.5 cents, the deal was valued at $12.9 million.

Meteoric shares closed at 2.4 cents each.

People Post connects businesses and consumers with registered ‘runners’ nearby.

Using People Post’s online platform, users can post jobs for same day delivery, track delivery progress and rate runners.

As part of the acquisition, Meteoric will be required to complete a minimum $3 million capital raising at a price yet to be determined.

If the deal is successful, Meteoric will re-list on the ASX under People Post’s business model, with the combined company’s board to comprise People Post representatives.

Meteoric plans to begin trading under the new model by April.

Otsana Capital acted as Meteoric’s corporate adviser.

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