Online Stockmarket Trading Update

International recruitment and labour hire specialists, Humanis Group Limited (HUM) is pleased to announce that it has entered into a binding Heads of Agreement with ResCo Services Pty Ltd in which Humanis will acquire ResCo for $13.4 million through the issue of Humanis shares at $0.01 per share.

A $15 million non-renounceable rights issue (to be underwritten) will also be offered to Humanis shareholders to allow them to subscribe for shares at $0.01 per share to appropriately capitalise the combined Humanis/ResCo Group. Humanis is a leading specialist labour hire, professional placement and international recruitment business.

ResCo provides skilled labour, specialised mine site operation and maintenance services targeting the resources sector, with an emphasis in coal. By bringing Humanis and ResCo together, it will create one of Australia’s most diversified providers of staffing, maintenance and project services solutions, deploying more than 10,000 employees annually.

The combined Group will have an operational capacity spanning Australia, New Zealand and the Philippines, servicing a high-quality client base of principally ASX Top 200 companies. The Group will have significant exposure to key growth sectors in the market with a focus on the skills-and-labour constrained industries, including energy (coal and oil & gas), resources, transport, logistics and financial services.

In commenting on this major acquisition and company making event for the Humanis Group, CEO, George Gelavis said, “This merger will greatly enhance the overall prospects of the Group given ResCo’s position as a highly respected and well positioned provider of services to the resources sector. Humanis Group expects to directly benefit from the continued increase in activity in this growth sector of the market through the merger. As a result of the earlier successful integration of the TSS and Westaff businesses, we have demonstrated the necessary expertise to ensure that considerable value enhancement occurs through a merger process, creating greater economies of scale and leverage across the combined Humanis branch network in Australia, New Zealand and the Philippines. A unique focus of this merger will be the potential to realise significant gains from the cross selling opportunities of ur existing international and indigenous employment initiatives.”
www.humanis.com.au

http://www.traderdealer.com.au/Fundamentals/hum