Oxley fully acquires Australian construction firm Pindan Group

It now holds all 106.86 million shares issued by the group.

Oxley has fully acquired Australian construction firm Pindan Group after buying the remaining 45.45 million of its shares from three other shareholders, according to a press release. The shares transfer followed Pindan Group’s failure to meet performance targets.

The company now holds all 106.86 million of its issued and fully paid ordinary shares. Prior to the acquisition, Oxley held 40% interest or 61.41 million shares.

Pindan Group has also bought back and cancelled 46.66 million shares in its capital from two of its shareholders to settle a debt worth $22.60m (A$24.3m). The group has also put in place a new senior management team.

Pindan Group had a net tangible asset value of $24m (A$25.8m), based on its unaudited financial statements as at 30 June 2019.