Ventus Aqua Pty Ltd. entered into a conditional agreement to acquire Glass Processing assets of Baumart Holdings Limited (ASX:BMH) for AUD 3.5 million on June 9, 2020. Under the terms of the transaction, Ventus Aqua will issue its 11.7 million shares at a price of AUD 0.3 per share. The consideration shares will be subject to escrow restriction for a period in accordance with NSX listing rules.

Completion of the transaction is subject to various conditions precedent being satisfied or waived on or before August 15, 2020, including BauMart obtaining shareholder approval to complete the transaction, Ventus Aqua raising the minimum subscription of AUD 2 million under its IPO prospectus and Ventus Aqua obtaining conditional approval for its admission to the official list of NSX. Shareholder approval will be sought for the transaction at a general meeting expected to be held in the second half of July 2020.