Mighty Craft acquires 100% of Jetty Road
Content published under the media release byline is content produced by the business(es) named in the media release and remains unedited by Brews News
Mighty Craft Limited (ASX: MCL) (“Mighty Craft” or “the Company”) Mighty Craft is pleased to announce that it has completed the acquisition of 100% of the shares in Jetty Road Brewery Pty Ltd (“Jetty Road Brewery”)
Mighty Craft submitted an Offer to all shareholders of Jetty Road Brewery to purchase their shares for 60c per share.
A summary of the terms and conditions which related to the Offer were as follows:
1. The Offer was made in respect to the entire shareholding in Jetty Road of the relevant shareholder;
2. The 60c consideration would be payable through the issue of Mighty Craft shares at a value of 35c per share and will result in the issue of approximately 6.2 million shares in Mighty Craft
3. The shares were issued using existing placement capacity under listing rule 7.1
4. The Mighty Craft shares would be subject to a voluntary escrow period of 6 months for 50% of the shares issued and 12 months for the remaining 50% of shares issued.
Mark Haysman, Managing Director of Mighty Craft said: “This is a great outcome for Mighty Craft, Jetty Road Brewery and of course each of the Jetty Road Brewery shareholders who accepted the Offer. The shareholders are now in alignment with the Mighty Craft ambition. They have seen that Jetty Road is one of many great brands and businesses within the Mighty Craft stable, and they have chosen to invest to get behind our aspiration to become Australia’s leading premium craft beverage company.”