Trading in shares in Perth-based Neptune Marine Services Ltd, was halted today pending the release of a market announcement.
The announcement is expected to be released prior to commencement of trading on the 19th June.
Shares in Neptune closed yesterday at 37.5 cents.
Last month, the company signed a Letter of Intent to acquire Perth-based Allied Diving Services, an offshore oil and gas and civil marine diving contractor.
The acquisition will be made by an upfront payment of $2.125 million, consisting of cash and the issue of Neptune shares to Allied's directors, escrowed for 24 months. The final purchase price is to be subject to a 2-year earn-out period based on the business' ongoing performance and an agreed EBIT multiple.
Allied's two principals will stay with the business and continue to drive its growth. The business currently has annual revenue of $3 million and is expected to make an immediate contribution to Neptune's earnings.
Meanwhile, Newera Uranium Ltd was admitted to the official list of the ASX today. Official quotation of the 18.225 million shares will commence at 1100 WST on 19th June.
