People Infrastructure Ltd acquired 50% Stake in Recon Solutions Pty Ltd and 50% Stake in Recon Technology Pty Ltd from Steven Scanlan and Declan Sherman for AUD 4.7 million.
January 10, 2018
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People Infrastructure Ltd (ASX:PPE) acquired 50% Stake in Recon Solutions Pty Ltd and 50% Stake in Recon Technology Pty Ltd from Steven Scanlan and Declan Sherman for AUD 4.7 million on January 11, 2018. As per terms of the consideration, People Infrastructure Ltd paid AUD 2.3 million in cash and issued 0.37 million shares of People Infrastructure Ltd to Steven Scanlan and Declan Sherman. Along with it, there will also be an opportunity for Steven Scanlan and Declan Sherman to receive a further 1.5 million shares in People Infrastructure Ltd based on Recon achieving EBITDA for either FY19 or FY20 of AUD 4 million. Steven Scanlan, CEO and founder of Recon Solutions Pty Ltd and co-founder of Recon Technology Pty Ltd, and Adrian Dixon, CEO and co-founder of Recon Technology Pty Ltd, will continue in their current roles post acquisition and also continue to hold a majority of the remaining equity in Recon. Isaac West from Jones Day acted as the legal advisors in the transaction.
People Infrastructure Ltd (ASX:PPE) completed the acquisition of 50% Stake in Recon Solutions Pty Ltd and 50% Stake in Recon Technology Pty Ltd from Steven Scanlan and Declan Sherman on January 11, 2018.
PeopleIn Limited is a talent solutions company. The principal activities of the Company include provision of workforce management, contracted staffing, recruitment and human resources outsourcing services. The various services provided by the Company include recruiting, on-boarding, contracting, rostering, timesheet management, payroll, and workplace health and safety management. Its segments include Industrial and Specialist Services, Professional Services, and Health and Community. Industrial and Specialist Services segment provide industrial talent solutions to small, medium, and large businesses across a diverse range of sectors including food processing, infrastructure, construction, transport, resources, renewables and hospitality. Professional Services segment include includes staffing service businesses Halcyon Knights and the Perigon Group. Health and Community segment provide staff to hospitals, aged care, disability, mental health and child protection services.
People Infrastructure Ltd acquired 50% Stake in Recon Solutions Pty Ltd and 50% Stake in Recon Technology Pty Ltd from Steven Scanlan and Declan Sherman for AUD 4.7 million.
PEOPLEIN LIMITED 
