BKI Investment Company Limited (ASX: BKI) (“BKI”) has completed the acquisition of all the issued capital of an unlisted investment company with net assets of approximately $17 million.
Consideration for the acquisition will be 10,352,024 new BKI shares which will be issued to the vendors on or before 7 August 2015, with the number of BKI shares calculated by reference to the relative net asset backing of each company.
BKI CEO Mr Tom Millner said: “The private company acquired by BKI has been established for many years and has an exceptional portfolio of investments. An investment in BKI will now provide the vendors with administration simplicity as well as access to a low cost diversified equity portfolio, increasing fully franked dividend distributions and capital growth”.
This is the second transaction of this nature completed by BKI, which will benefit existing BKI shareholders by increasing the size of BKI’s portfolio in a cost-effective manner. The BKI Board looks forward to engaging in similar transactions in the future.