Hancock & Gore Limited (ASX: $HNG) Completes Acquisition of Mountcastle

Hancock & Gore Limited (ASX: $HNG) has successfully completed the acquisition of the remaining interests in its investee company, Mountcastle, to achieve 100% ownership. The acquisition consideration includes the issuance of 21,602,824 ordinary shares in H&G to the vendors at 35 cents per share, subject to voluntary escrow until 14 May 2025. Additionally, H&G has made a cash payment of approximately $216,000 to the vendors, equivalent to the value of the H&G dividend payable for the period between signing and completion. H&G will provide an update on Mountcastle and its overall business during the preliminary half year FY24 results in May 2024.

Executive Commentary on Acquisition Completion

We are pleased to have successfully concluded the acquisition of the remaining interests in Mountcastle, enabling us to attain 100% ownership. This move aligns with our strategic vision and further strengthens our position in driving shareholder returns. The completion of this acquisition marks a significant milestone for Hancock & Gore, and we look forward to integrating Mountcastle fully into our business operations. We remain committed to delivering value to our shareholders and will continue to pursue opportunities that align with our investment strategy.

Summary of Acquisition and Future Outlook

Hancock & Gore Limited (ASX: $HNG) has finalized the acquisition of the remaining interests in Mountcastle, solidifying its ownership to 100%. The acquisition consideration involved the issuance of 21,602,824 ordinary shares in H&G to the vendors at 35 cents per share, along with a cash payment of approximately $216,000. The company plans to provide an update on Mountcastle and its overall business performance during the preliminary half year FY24 results in May 2024. This strategic move reflects H&G's commitment to actively manage its investments and drive shareholder returns. Looking ahead, the company aims to leverage this acquisition to enhance its portfolio and pursue opportunities that align with its investment strategy, ultimately aiming to deliver value to its shareholders.