31/03/2008 - 15:39

Oz Brewing confirms move into sheds

31/03/2008 - 15:39

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Boutique brewing company Oz Brewing Ltd has finalised plans to acquire a manufacturer of sheds and portable accomodation, while also disclosing that its plans for a second retail outlet in Dunsborough have been blocked.

Boutique brewing company Oz Brewing Ltd has finalised plans to acquire a manufacturer of sheds and portable accomodation, while also disclosing that its plans for a second retail outlet in Dunsborough have been blocked.

Oz Brewing plans to acquire 80 per cent of Portable Building Solutions Ltd, formerly known as Newco, which in turn owns 100 per cent of Shedco Group Pty Ltd and Eco Transportable Pty Ltd.

The purchases will be effected through a complex deal that could significantly lift director David Ah Chee's stake in the company.

The consideration for the purchase will be in five components, including $3.1 millon in cash, 20 million ordinary Oz shares, 1,000 performance shares which are convertible into up to 20 million ordinary shares, and a $1.25 million convertible note, which can convert into up to 12.5 million ordinary shares.

Oz Brewing may pay a further $750,000 if the acquired businesses reach defined profit targets.

Oz disclosed that its director Daviod Ah Chee is the sole shareholder of Shedco and that PBS is a wholly-owned subsidiary of Shedco.

The deal is subject to Oz raising at least $2 million in new capital, though it is targeting to raise up to $4 million.

The company said its plans to develop a second retail outlet, following its Mad Monk brewery in Fremantle, had been affected by its failure to gain statutory approvals for the Bannamah Park site in Dunsborough.

As a result its option to develop the site has lapsed.

 

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