Mediland Pharm Limited (ASX:MPH) agreed to acquire Heartland Ambassador Hamilton Hotel from Premier Hospitality Management Pty Ltd. for AUD 2.5 million on November 4, 2020. Under the terms of consideration, purchase price of the business is AUD 2.5 million excluding the external debt the Hotel currently has of AUD 2 million. The proposed transaction is to be settled in cash with $100,000 payable upon completion and the balance payable monthly in the 24 months from the date of the SPA. Source of funds for the transaction will be from Mediland Pharm Limitedand its controlled entities which will include operational cash flows from Heartland. The deal is subject to certain conditions precedent, and subject to shareholder approval in a general meeting, which will be scheduled as soon as possible, subject to complying with relevant ASIC and ASX requirements, the Directors of Mediland have recommended that the Mediland Pharm Limited proceed to acquire 100% of shares in the Heartland Ambassador Hamilton Hotel. Completion of the transaction is anticipated by mid-January 2021. Colliers International have conducted an independent valuation of the Hotel. The Board of the Company established an Independent Committee (Due Diligence Committee) to consider the Company’s proposed transaction in relation to the acquisition of the Hamilton Hotel. The DDC comprises of the Independent Non-executive Director Tracey-Lee Cray (Chair of the DDC), Independent Board Chair Dr Peter French, Independent Non-executive Director Theo Renard, and Independent Non-executive Director Leo Cui. Mediland is to hold a meeting of shareholders where it will seek approval from non-associated shareholders for the Proposed Transaction. As of April 29, 2021, an Extraordinary General Meeting will be held at which shareholder approval will be sought for the approval of the acquisition of 100% of the shares in Ixora Investments Pty Limited. RSM Corporate Australia Pty Ltd, Financial Advisory Arm acted as a fairness opinion advisor to Mediland.