Embark Early Education Acquires Two Additional Queensland Centers for AU$3.7 Million; Shares Rise 4%

MT Newswires Live

05-15

Embark Early Education (ASX:EVO) said that conditional contracts were executed for two further centers in Queensland for a total purchase price of AU$3.7 million, according to a Thursday Australian bourse filing.

The contracts are subject to customary licensing and other regulatory approvals. Settlement is estimated to be in late May for one and early July for the other. The acquisition will be funded by a drawdown of bank debt, which currently stands at AU$4.4 million.

Due diligence continues on further acquisitions, per the filing.

Its board resolved to pay a further quarterly dividend of AU$0.015 per share as an interim dividend for the fiscal year 2024, to shareholders on record as of May 27, with payment expected on June 17.

Its shares rose 4% in recent trading on Thursday.

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