DESTRA TO GO AHEAD WITH DUE DILIGENCE ON BEYOND, AND BUYS THE SQUARE GROUP
December 19th 2007 00:40
Destra Corporation Ltd, Australia’s leading digital media and entertainment company, today confirmed that it is conducting due diligence on Beyond International to evaluate whether it may make a takeover offer for Beyond.
Destra holds 10.03 percent of the issued capital in Beyond.
Destra has also acquired a leading media and marketing services company, The Square Group, which provides integrated media services to media agencies and their clients and has previously collaborated with destra’s Brand New Media, Australia’s leading independent media services company.
The Square Group will be acquired for an undisclosed consideration of cash and destra shares, and will be integrated into Brand New Media.
Destra is now seeking expressions of interest for the sale of its property and land in Eagle Farm, Queensland, which is waterfront property close to Brisbane Airport. The property houses the Magna Pacific distribution business.
The market value of this property is about $18 million based on a recent Knight Frank valuation.
Two destra directors have also acquired company shares today. Louis Olsen acquired 666,467 shares valued at $100,000 taking his destra share holdings to 4, 776, 704.
Neville Christie acquired 333,334 shares, valued at $50,000, taking his total holdings to 1, 807, 440.
- From MediaBlab
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