Stocks of the Hour: PropTech Group, ReadyTech, GME Resources

PropTech Group ( ASX:PTG) has recently announced that it has entered into a binding Scheme Implementation Deed with a wholly owned subsidiary of MRI, under which it is proposed that BidCo will acquire 100% of the shares of PropTech Group by way of a Scheme of Arrangement. Under the Scheme, PTG shareholders will be entitled to receive A$0.60 cash per share, equating to an implied equity value of approximately A$93.4 million on a fully diluted basis. The Scheme Consideration represents an attractive premium of 131% to the last closing price of PropTech Group shares. The Board of PropTech Group unanimously recommends that PropTech Group shareholders vote in favour of the Scheme in the absence of a Superior Proposal. PropTech Group provides the software that real estate agents use all day, every day in Australia, New Zealand, and the United Kingdom. Its products are used by 43% of the real estate agents in Australia and New Zealand and facilitate approximately 51% of real estate sales transactions in those countries. Shares in PropTech are trading 110 per cent higher at 57 cents.

In other potential takeover news ReadyTech Holdings Limited (ASX:RDY) refers to recent media speculation suggesting that ReadyTech may be party to discussions in relation to a potential transaction. ReadyTech confirms that it has received a conditional, non-binding indicative proposal from funds managed or advised by Pacific Equity Partners Pty Limited and its affiliates (PEP), a leading Australian private equity firm, to acquire ReadyTech by way of a Scheme of Arrangement at an offer price of $4.50 per share (Proposal). Shares in ReadyTech are trading 26.5 per cent higher at $4.10.

GME Resources Ltd (ASX: GME) announced that it has entered into an engineering partnership with Ausenco Services Pty Ltd to deliver the process and non-process infrastructure studies for the NiWest Nickel Cobalt Project Definitive Feasibility Study (DFS). Following a competitive tendering process for the role, Ausenco has been selected and its team brings a depth of knowledge in nickel heap leach and downstream processing operations. This experience is directly applicable to the NiWest development pathway. Commenting on the engineering partnership with Ausenco, GME Managing Director and CEO, Mr Kopejtka stated, “Following the successful updated Pre-Feasibility Study, we are now rounding out an expert group of top tier consultants to capture the opportunities we believe exist to materially lower the NiWest capital costs and deliver a world-class battery-grade nickel and cobalt sulphate operation.” Shares in GME are trading 7.6 per cent higher at 9 cents.
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Source: Finance News Network