Abacus Group Sells Abacus Storage King Responsible Entity for AU$24 Million

MT Newswires Live

05/18

Abacus Group (ASX:ABG) said it has entered into binding transaction documentation to sell 100% of the shares in Abacus Storage Funds Management Limited (ASFML), the responsible entity of Abacus Storage King (ASX:ASK), as part of ASK's plan to internalize its management functions, according to a Monday Australian bourse filing.

The company said ABG will receive a headline price of AU$19 million plus about AU$5 million representing the net assets of the target companies, with the internalization expected to be implemented on June 30.

The internalization will involve the termination of existing management agreements with Abacus Storage King, the sale of ASFML to Abacus Storage King, and the transfer of key employees, with net proceeds to be used to repay Abacus Group's debt.

Abacus Group's Nominee Director, Steven Sewell, will step down as managing director of Abacus Storage King on implementation, with Nikki Lawson appointed as chief executive officer, joining the Abacus Storage King's board the day after implementation, the filing added.

Following the internalization, Abacus Group will cease collecting investment and development management fees from Abacus Storage King, offset by annualized cost savings of about AU$8.4 million.

Abacus Storage King has reaffirmed full fiscal year 2026 distribution guidance of AU$0.085 per security.

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