Investec Plc (INVP.L) said it has entered into a share purchase agreement pursuant to which its wholly owned subsidiary, Investec Holdings (Ireland) Ltd., or Investec Ireland, will acquire a majority interest in Neontar Ltd.
In addition, Investec Ireland will make an offer to buy all of the ordinary shares of Neontar from those shareholders of Neontar who are not party to the SPA.
The consideration for the shares will be an amount equal to 4.35 million euros plus the net asset value of Neontar as at completion, to be satisfied by Investec Ireland in cash. Besides, there may be deferred payments to the sellers, dependant on the recovery of certain amounts by NCB. Neontar owns NCB Group.
Net asset value of Neontar is estimated to be 28 million euros. At the election of Investec, the consideration may alternatively be satisfied by the issue of ordinary or preference shares by Investec, or a combination of cash and shares.
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