Equable Properties said on Thursday it has signed a conditional agreement to acquire three property companies from private Irish developer Peter McCann in a reverse takeover for a total sum of £4.5mln (EUR 5.7mln).
Equable Properties said on Thursday it has signed a conditional agreement to acquire three property companies from private Irish developer Peter McCann in a reverse takeover for a total sum of £4.5mln (EUR 5.7mln).
The companies to be acquired are Askon Properties, Askon Investments and Wansco 381, all of which develop and sell real estate in the UK and are currently incorporated into Askon Estates and Halfam Enterprises. These companies are in turn owned by Kelford Estates, whose major shareholder is Peter McCann. Following the acquisition, McCann will own 77% of the enlarged Equable group.
Equable plans to issue £1.5mln of new shares to finance the acquisition, which is subject to the approval of its shareholders. On completion of the acquisition, McCann will be appointed an executive director of Equable.
The Askon companies' assets comprise 37 apartments, three retail units and an office building.
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