Acorn Capital Investment Fund acquires asset portfolio | Finance News Network

Acorn Capital Investment Fund acquires asset portfolio

Company News

by Kathy Skantzos

Investment company Acorn Capital Investment Fund (ASX:ACQ) has entered into an asset sale agreement to acquire a portfolio of seven assets, including an asset from Washington H Soul Patterson & Company (ASX:SOL).

The total value of the portfolio acquisition is $7.6 million.

The acquisition will be funded in two stages, including an initial payment of 70 per cent of the purchase price anticipated in January 2018, and the final 30 per cent to be paid following the valuation of the portfolio by 30 June 2018.

The acquisition will be funded by the issue of ordinary shares equal to Acorn’s recently published monthly post tax net tangible asset value.

Washington H Soul Patterson & Company will be entitled to an earn-out following the sale of the portfolio’s underlying assets.

Shares in Acorn Capital Investment Fund (ASX:ACQ) are trading 5.16 per cent higher to $1.12.