Dynamic Group Holdings Limited (ASX:DDB) has entered into an agreement to acquire Welldrill from Peter Chegwidden for AUD 19 million on July 11, 2022. Consideration will be paid as 1) AUD 14 million cash upon completion 2) AUD 1 million in fully paid ordinary Dynamic shares calculated based on the volume weighted average price of Dynamic shares over the 5 trading days prior to the date of completion escrowed until 31 March 2023 and 3) AUD 4 million deferred cash payable at 31 March 2023. Dynamic has established a new AUD 18 million acquisition finance facility with Commonwealth Bank of Australia. In parallel, Dynamic has upsized its asset finance facilities to provide additional liquidity to finance the purchase of the Rig-6 Fleet. Welldrill General Manager, Tim Westcott and Chief Financial Officer, Roseann Natana, to join Dynamic's executive management team. The closing of the acquisition is subject to certain conditions precedent, the material of which are set out below, being satisfied or waived by the Dynamic Group, Customer and lessor consents to a change of control and No material adverse change having taken place prior to completion. Completion of the acquisition is expected to occur this month.

Dynamic Group Holdings Limited (ASX:DDB) completed the acquisition of Welldrill from Peter Chegwidden for AUD 19 million on July 18, 2022.