Integrated Legal Holdings Limited has acquired the legal practice of Peter Marks Succession Lawyers. The acquisition will merge the practice into Integrated's subsidiary Talbot Olivier. The assets acquired include a will bank of over 1,100 wills and leased office premises. The consideration for the purchase is $125,000 in cash to be paid within 90 days. The acquisition is expected to contribute to Integrated's earnings from the first year and marks the first acquisition of a legal practice since the company listed on the stock exchange in August 2007.
Original Description:
ASX IAW Sept 19 2007 Acquisition of Legal Practice Peter Marks
Integrated Legal Holdings Limited has acquired the legal practice of Peter Marks Succession Lawyers. The acquisition will merge the practice into Integrated's subsidiary Talbot Olivier. The assets acquired include a will bank of over 1,100 wills and leased office premises. The consideration for the purchase is $125,000 in cash to be paid within 90 days. The acquisition is expected to contribute to Integrated's earnings from the first year and marks the first acquisition of a legal practice since the company listed on the stock exchange in August 2007.
Integrated Legal Holdings Limited has acquired the legal practice of Peter Marks Succession Lawyers. The acquisition will merge the practice into Integrated's subsidiary Talbot Olivier. The assets acquired include a will bank of over 1,100 wills and leased office premises. The consideration for the purchase is $125,000 in cash to be paid within 90 days. The acquisition is expected to contribute to Integrated's earnings from the first year and marks the first acquisition of a legal practice since the company listed on the stock exchange in August 2007.
Perth Western Australia 6000 Phone (08) 9463 4340 Facsimile (08) 9325 5999 www.ilh.com.au
19 September 2007
ASX Announcement
Acquisition of Legal Practice
The Board of Integrated Legal Holdings Limited (ASX: IAW) (Integrated) is pleased to announce that an agreement has been executed to acquire the legal practice of the late Peter Marks trading as Peter Marks Succession Lawyers. This new acquisition will be merged into the existing practice of Integrated's wholly owned subsidiary Talbot Olivier. This acquisition promotes the Integrated business strategy which encourages acquired practices to enhance their own growth aspirations via the acquisition of complementary practices. The assets to be purchased are the business and its goodwill and business assets, business name, plant and equipment, client files, records and client lists, excluding all work in progress, outstanding debtors, and any motor vehicles. Assets acquired include: a Will bank of over 1,100 Wills held by the practice; and the 105m2 premises at 26th floor of St Martins Tower, 44 St Georges Terrace, Perth which is currently under lease contract for a further 4 years, at a rate significantly below current market value. The consideration for the purchase is cash only of $125,000 payable within 90 days of completion. The cash will be funded from working capital. Completion is expected within 14 days. After a 90 day period from acceptance a further offer to the vendors will be made by Talbot Olivier to purchase work in progress and debtors which are outstanding at the time. The acquisition is expected to contribute to the earnings of Integrated from the first year. This is an exciting acquisition for us, said Integrated spokesman, Brett Davies. It marks the first acquisition of a legal practice under the Integrated business model since listing on 17 August 2007, and reinforces the companys commitment to its active acquisition strategy.