Experience Co Limited completed the acquisition of Trees Adventure from PGA Group Pty Ltd.
December 01, 2021
Share
Experience Co Limited (ASX:EXP) agreed to acquire Trees Adventure from PGA Group Pty Ltd. and others for AUD 46.9 million on September 30, 2021. Under the terms, Experience Co will acquire Trees Adventure for a total consideration of up to AUD 46.9 million, consisting of initial consideration of AUD 31.5 million in cash and AUD 8.9 million by issuing 26.9 million shares at AUD 0.33 per share and potential deferred payments of up to AUD 6.5 million payable over the period to three years from completion. The Trees Adventure's management team led by co-founders Nicolas Dansin and Marc Flaster will remain with the business and Nicolas will join the EXP Executive Leadership Team as General Manager. Major Trees Adventure's investor, PGA Group will join the EXP share registry via its participation in the transaction, electing to take 30% of its consideration in EXP shares. Transaction will be financed through AUD 55.0 million via a fully underwritten 1 for 3.33 pro-rated accelerated non-renounceable entitlement offer at AUD 0.33 per share Entitlement Offer and TA shareholders will be issued 26.9 million fully paid ordinary shares in EXP at an issue price of AUD 0.33 per share equivalent to the Issue Price under the Entitlement Offer. Transaction completion is conditional upon, Receipt of change of control consents from Trees Adventure and its landlords/licensors; and The underwriting agreement executed with the underwriters in connection with the Entitlement Offer to fund the acquisition of Trees Adventure not being terminated. Trees Adventure shareholders have agreed for these shares to be subject to escrow until the period following the release of half year results to December 31, 2022. Transaction is expected to be completed on or before November 30, 2021
Experience Co Limited (ASX:EXP) completed the acquisition of Trees Adventure from PGA Group Pty Ltd. and others on December 1, 2021.
Experience Co Limited is an Australia-based adventure tourism company. The principal activities of the Company are the provision of adventure tourism and leisure experiences. The Companyâs segments include Skydiving, Adventure Experiences, and Corporate. The Skydiving segment comprises tandem skydive and related products, with ancillary aircraft maintenance activities. The Adventure Experiences segment comprises tours to the Great Barrier Reef and Daintree region, high rope and zipline aerial activities, and nature-based walking and lodge-experiences. Its experiences include skydiving, island day trips, reef tours, rainforest tours, multi-day experiences and tree ropes and ziplining. Its island brands include Fitzroy Island Adventures, Big Cat Green Island Reef Cruises, and Calypso Low Isles. Its multi-day experiences include The Maria Island Walk, The Arkaba Walk, Arkaba Conservancy, and Bamurru Plains. Its reef tour brands include Dreamtime Dive & Snorkel, Reef Magic, and others.