Founders First Limited confirmed that the conditions precedent to the acquisition of the hospitality and associated assets & lease in respect to the venue located at 690-694 Mt Alexander Road, Moonee Ponds, Victoria (for $1 million plus GST) have been satisfied. Of the $1 million acquisition cost, a $25,000 deposit has already been paid. The acquisition is expected to settle on 31 January 2020 and will be funded using Founders First's existing cash facilities. Upon expected settlement and transfer of ownership, Founders First will commence its redevelopment plans for the venue. The Moonee Ponds municipality is currently undergoing significant redevelopment and is emerging as a fast growing residential, retail, hospitality and sporting precinct in the inner Melbourne area. Founders First intends to redesign and upgrade the existing pub format and select a name for the venue that reflects its unique and exciting hospitality proposition. The venue is referred to as the "Moonee Ponds venue". With its cross-category and multi-brand approach, the redeveloped Moonee Ponds venue is expected to be an original hospitality venue concept. The Moonee Ponds venue is planned to showcase the portfolio of brands within the Founders First brand Partner community; providing an exciting and engaging platform to stimulate consumer and retail customer brand trial, awareness and advocacy and in turn, driving increased brand sales via Founders First's Indie Craft Collective sales and marketing team.