Sandon Capital Investments Limited (ASX:SNC) entered into an agreement to acquire 18.87% stake in Mercantile Investment Company Limited (ASX : MVT) from Siblow Pty. Ltd. for AUD 9.3 million on May 31, 2019. Under the terms, Sandon Capital Investments Limited will acquire 52.3 million shares and issue 11.3 million shares as a part of the consideration. As the pre-tax NTA of each of Sandon and Mercantile on May 31, 2019 will not be released until early/mid June 2019, the precise number of Sandon shares to be issued can't yet be determined. The transaction is expected to be completed on or before June 18, 2019. David McCourt of BDO Corporate Finance Pty Ltd acted as fairness opinion provider to Sandon Capital Investments Limited.

Sandon Capital Investments Limited (ASX:SNC) completed the acquisition of 18.87% stake in Mercantile Investment Company Limited (ASX : MVT) from Siblow Pty. Ltd. for AUD 8.9 million on June 17, 2019. As of June 17, 2019, the exchange ratio has been calculated to be 0.2043 Sandon Shares for every Mercantile Share. Sandon Capital Investments Limited issued 10.8 million shares to Siblow as consideration.