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Australia's Spring FG to acquire financial services dealer group

Australia-based Spring FG Ltd. said Dec. 18 that it agreed to acquire financial services dealer group Wealth Today Pty. Ltd. for a consideration of about A$1.7 million.

Spring FG expects the takeover to add more than A$4 million to its revenue and provide the ideal platform to boost its dealer group growth through the Wealth Today brand.

The consideration will be satisfied by A$200,000 of cash, along with the issuance of A$956,000 of shares in Spring FG at 15 cents per share for a total of 6.4 million shares and the issuance of two-year interest-free convertible notes with a conversion price of 25 cents per share.

The shares issued to vendors will be escrowed for two years.

Major Wealth Today shareholders may also secure an additional A$533,000, which would be added to the convertible note, subject to EBITDA targets over the next 12 months.