Emerson Stewart Group Limited (ESW) today announced an agreement to acquire Whelans (WA) Pty Ltd, a 110 person surveying, mapping and town planning business with its head office in Perth and regional offices in Karratha, Kalgoorlie, Kununurra and Broome. The deal, subject to Emerson Stewart shareholder approval, and contractual finalisation, is based on a $9million consideration and will be funded by a mix of cash and scrip in the ratio of around 60% cash and 40% shares. Up to 31 million shares, representing on completion about 23.8% of the issued capital in Emerson Stewart, will be dispersed individually amongst the 48 Whelan shareholders and are subject to a 12 month voluntary escrow. The shares will be issued at a price of 0.12 cents per share pursuant to a prospectus.
Emerson Stewart Managing Director and CEO, Mr Dario Amara, said the inclusion of an established and respected business like Whelans would complement Emerson Stewart’s growing market presence and would provide a conduit to take the business comfortably to its next stage. “In addition to expanding our client base and providing new services, the transaction will deliver significant growth opportunities throughout regional Western Australia and beyond,” Mr Amara said. Under the transaction the Whelans brand and leadership will not change. Mr Steven Cole, Chairman of Emerson Stewart, noted that the resultant balance sheet would comprise a low gearing affording ESW the necessary momentum and headroom to continue with its planned organic and strategic acquisitive growth.
Established in 2005 and based in Perth, Western Australia, Emerson Stewart is a project delivery, engineering, sciences and consultancy group providing services across mining + industry: minerals, oil and gas, chemicals, manufacturing; utilities + environment: water and environment, power generation and distribution; buildings + property: urban development, buildings and property, aviation, defense. Emerson Stewart has a strong network of corporate customers. Serving the public and private business sectors in property and resources industries since the 1920s, Whelans is a spatial sciences company with services across surveying: land development, cadastral surveys, engineering surveys, exploration and mining surveys, specialist surveys, simurban, geoinfo solutions and custom graphics; mapping: aerial mapping, mine mapping, ortho processing; town planning: land use planning, statutory planning, strategic and community planning and development management. Whelans currently has offices in Perth, Karratha, Kalgoorlie, Kununurra and Broome. The company’s past and current clients include Government and private organizations throughout Western Australia.
