PPK Group Limited agreed to acquire 33% stake in PowerPlus Energy Pty Ltd for AUD 1.8 million on March 14, 2023. Consideration will be payable in cash. Consideration was financed through existing cash reserves and/or debt funding. At the same time, PPK will subscribe for newly issued shares in PowerPlus Energy, thereby taking its total shareholding to 51% and increase its interest further to 75% within two years. PPK Group will expects to use a portion of the proceeds from the sale of commercial property located in Arundel on April 28, 2023, to acquire a 51% shareholding in PowerPlus Energy and for general working capital purposes. For the year ending June 30, 2022, PowerPlus reported a net asset position of approximately AUD 6 million, revenues in excess of AUD 25 million and EBITDA in excess of AUD 2 million. Glenn Molloy and Ben Spincer will join the board of PowerPlus Energy. Bradley Paton, founder and Chief Executive Officer of PPE, will continue to be heavily involved with the day-to-day running of the business. Consideration will be subject to final due diligence by the Board. Transaction is expected to complete before the end of the financial year. As on April 28, 2023, PowerPlus Energy agreement is now unconditional, and the transaction is expected to complete on May 3, 2023. The acquisition is expected to be immediately revenue, EBITDA and earnings accretive to PPK for the 2023 financial year on a consolidated basis.

PPK Group Limited completed the acquisition of 33% stake in PowerPlus Energy Pty Ltd on May 4, 2023.