Ken Allen and Joan Allen entered into a binding heads of agreement to acquire Australian Premier Finance Company Pty Ltd. from Australian Premier Finance Holdings Limited in a management buyout transaction for AUD 2.6 million.

Ken Allen and Joan Allen entered into a binding heads of agreement to acquire Australian Premier Finance Company Pty Ltd. from Australian Premier Finance Holdings Limited in a management buyout transaction for AUD 2.6 million on July 1, 2014. As of July 22, 2014, Ken Allen and Australian Premier Finance Holdings Limited entered into an asset sale agreement. Under the terms of the agreement, the consideration amount will be used repay the amount the Australian Premier Finance Holdings owes to Australian Premier Finance Company.

The closing of the transaction is subject to signing of a definitive agreement and approval by Australian Premier Finance Holdings Limited shareholders. The transaction has been recommended by the Board of Australian Premier Finance Holdings to the shareholders to vote in favour of the transaction. Stantons International Securities Pty Ltd. acted as Fairness Opinion Provider for Australian Premier Finance Holdings Limited.

Stantons International will receive a fee of AUD 0.02 million. As of September 1, 2014, the shareholders of Australian Premier Finance Holdings Limited approved the transaction.