Longhou Investment Group Pty Ltd signed a binding term sheet to acquire AG Capital Markets Pty Ltd from AG Financial Limited (ASX:AHA) for AUD 1 million in cash on December 23, 2015. The consideration of AUD 1 million will be payable immediately into AG Financials lawyers trust account upon signing of the term sheet. If the shareholders of AG Financial do not reject the sale at a general meeting but the term sheet is terminated, AG Financial shall retain AUD 0.25 million of the deposit held and refund the balance of AUD 0.75 million to Longhou. Longhou Investment and AG Financial will negotiate and enter into a definitive share purchase agreement and any other agreement that may be necessary or desirable to effect the transaction. A representative of Longhou will be appointed as Director of AG Capital on and from the date of execution of the term sheet. The deal is subject to AG Capital's shareholders' approval. The transaction is expected to close by March 31, 2016. The sale will also allow AG Financial to retire all debt and will deliver cost savings and a more efficient operating cost base moving forward.

As on February 9, 2016, Longhou Investment Group Pty Ltd entered into a share sale deed to acquire AG Capital Markets Pty Ltd from AG Financial Limited. On April 7, 2016, shareholders of AG Financial unanimously approved the transaction and decided to change name to Ennox Group. AG Financial has also entered into an escrow deed with Longhou and HWL Ebsworth Lawyers with respect to AUD 1 million held in escrow by HWL Ebsworth Lawyers for the AG Capital sale. HWL Ebsworth Lawyers acted escrow agent to AG Financial.