The Board of Fermiscan Holdings Limited (FER) are pleased to announce that the Company, through its wholly owned subsidiary Tempo Industry Partners Pty Ltd, has entered into a conditional agreement to acquire the entire business and nominated assets of the Seller, a Perth based provider of skilled construction and maintenance tradespeople for the resources sector.
The purchase consideration of $3.4M is made up of $3.0M in cash and $0.4M in shares. This Acquisition enables the Company to launch into the resource services sector as well as presenting a high growth opportunity with vital access to a large pool of Australian and overseas skilled tradespeople which are currently in high demand.
Managing Director Dick Wright stated that “in the current environment we have the ideal opportunity to grow the Seller’s business and this will complement future acquisitions”.
The Seller over the last nine years has built up a strong reputation for providing Shutdown and Maintenance crews, predominantly providing skilled tradespeople to the West Australian resource sector. With access to a large Australian labour pool, a diverse customer base, as well as approved Work Agreements with the Department of Immigration and Citizenship (“DIAC”), the Seller is well positioned to meet the forecast escalating demand for services.
