Yonder & Beyond Group Ltd. has struck an agreement to acquire alternative investments manager High Line Alternative Investments Pty. Ltd.
Under the term sheet signed between Yonder & Beyond and High Line's owner, Camac Investments Pty. Ltd., Yonder & Beyond will issue 7.5 million shares to Camac upon the execution of the definitive share sale agreement, as well as conduct further issuances of 7.5 million shares each when the group's assets under management reach three different thresholds, according to a Nov. 7 statement.
The acquisition is subject to Yonder & Beyond obtaining all required third-party, regulatory and shareholder approvals.
Yonder & Beyond said that the transaction will allow the Australian company to invest in another technology-focused company that is complementary to its existing operations.
Upon completion of the transaction, Campbell McComb, who controls Camac, will join Yonder & Beyond's board as managing director.
Further, Yonder & Beyond is planning to raise up to A$1.05 million through the issuance of up to 30 million ordinary shares at an indicative price of 3.5 cents apiece. The capital raising will proceed independently of the proposed acquisition.
