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Xplore Wealth - HUB: Placement

HUB24 (ASX:HUB) today announces three strategic transactions which together will strengthen its position as the leading provider of integrated platforms, data and technology services for financial advisers, stockbrokers, private banks, licensees, accountants and their clients.

The three strategic transactions are:
• the proposed acquisition of investment platform provider Xplore Wealth Limited (ASX:XPL) ('Xplore') by way of a scheme of arrangement for $60 million via a combination of cash and HUB24 scrip consideration at an effective Xplore share price of $0.20, which represents a premium of 203% to the closing price of Xplore shares on 27 October 2020
• the acquisition of Ord Minnett’s non-custody Portfolio Administration and Reporting Service (‘PARS’) for $10.5 million upfront cash consideration
• the proposed subscription for new shares in Easton Investment Limited (ASX:EAS) (‘Easton’) for cash consideration of $14 million and divestment of HUB24 subsidiary Paragem Pty Limited (‘Paragem’) to Easton for $4 million of new Easton shares which, following a share buyback, will result in HUB24 having a shareholding of up to 40% of Easton. The Easton shares will be issued at a share price of $1.20, which represents a 38% premium to the closing price of Easton shares on 27 October 2020. 

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