The Agency Group Australia Limited (ASX:AU1) entered into a share sale and purchase agreement to acquire Bushby & Co. Pty. Ltd. from family members Philip and Mark Bushby and Eric Andersen for AUD 4.8 million on July 12, 2022. The consideration for the transaction consists of: a cash deposit of AUD 0.21 million which was paid on the date of the sale and purchase agreement; a cash payment of AUD 4.2 million at completion and a cash payment of AUD 0.4 million which consists of a retention payment payable by The Agency 90 days after the completion date subject to a retention adjustment. The consideration for the acquisition will be funded via a financing facility with the Company's primary funder Macquarie Bank and out of existing cash reserves. The Agency Group Australia Limited is in the process of finalizing the financing terms with Macquarie Bank. Bushby & Co. Pty. Ltd. will continue to be spearheaded by family members Philip and Mark Bushby, along with long-term shareholder Eric Andersen who will all remain with the group in leadership roles. Bushby & Co. Pty. Ltd. will continue to operate from its large ‘hub' office at 117 Cimitiere St, Launceston.

The transaction is conditional on the following conditions being fulfilled or waiver on or prior to September 30, 2022: The Agency Group Australia Limited securing finance approval from a financial institution of its choice in order to fund the transaction; The Agency Group Australia Limited entering into employment agreements or independent contractor agreements with each of Phillip Russell Bushby, Sven Eric Andersen and Mark Andrew Bushby and no material adverse event having occurred on or before completion of the transaction. Completion of the transaction will occur 5 business days after all of the conditions precedent are waived or satisfied.

The Agency Group Australia Limited (ASX:AU1) completed the acquisition f Bushby & Co. Pty. Ltd. from family members Philip and Mark Bushby and Eric Andersen on July 25, 2022.