The GO2 People Limited (ASX:GO2) entered into share purchase agreement to acquire Skill Hire Australia Pty Ltd from Shoreside Holdings Pty Ltd, BC Fund II Pty Ltd, Asstock Pty Ltd and others for AUD 16 million on April 7, 2021. The consideration is a combination of The issue to Skill Hire’s current shareholders of that number of shares which will represent 50% of the issued capital of the GO2 following issue, ignoring unexercised options with an exercise price above 20 cents, AUD 6.25 million in cash (“Completion Payment”), to be paid to the current Skill Hire shareholders from Skill Hire’s cash balance on completion and GO2 paying a deferred cash payment of AUD 3.25 million to the current Skill Hire shareholders, payable no later than 24 months following completion and with interest accruing at the rate of 8.0% per annum on the amount outstanding from time to time, with early repayment in whole or part at GO2’s election. Both the current Skill Hire shareholders and the two major GO2 shareholders will be required to place their GO2 shareholdings in escrow for a period of 12 months (50%) and 24 months (50%), with only a small number (2,500,000 shares) to be released from escrow. The cash component of the consideration payable will be paid from Skill Hire’s existing cash balance. Skill Hire’s founders Robert Stockdale and Tony Fitzpatrick will join the Board of GO2, and the GO2 also intends to recruit an additional Non-Executive Director prior to the 2021 Annual General Meeting. Current GO2 Managing Director Billy Ferreira will remain in place. The current GO2 Board will also remain with Darren Cooper as Independent Non-Executive Chair and GO2 founders Billy Ferreira and Paul Goldfinch as Directors, with two additional representatives nominated by Skill Hire to join the Board. GO2 will appoint an additional Independent Non-Executive Director (“NED”) to the Board prior to the GO2’s Annual General Meeting in November 2021 and the newly-appointed NED will be proposed for re-election at that same meeting GO2 CFO, Matthew Thomson, has tendered his resignation and will vacate the position in early May 2021, with Skill Hire’s Chief Financial Officer to become the GO2 Group Chief Financial Officer. All other key personnel of Skill Hire will continue to be employed in their current roles. As of May 7, 2021, Company’s Chief Financial Officer (CFO) and Joint Company Secretary Mr Matthew Thomsons’ resignation is effective. The Company’s internal finance team will continue in their roles and the position of CFO will be filled by Skill Hire’s CFO, Danny Warren, once the acquisition is completed. Mr Peter Torre, an existing Joint Company Secretary will remain as Company Secretary of the Company. GO2 entered into a deed of variation with respect to the share purchase agreement on April 28, 2021. Pursuant to the amendment deed, GO2 will issue 194.4 million consideration shares, AUD 6.25 million in cash at completion and AUD 3.25 million deferred cash payment. The transaction is subject There being no material adverse change to either business prior to Completion, GO2 shareholders’ approval and A minimum level of cash to be held by Skill Hire at completion and following the Completion Payment. The shareholder meeting is scheduled on May 31, 2021. The transaction is expected to close on June 1, 2021. As of May 7, 2021, Transaction is expected to complete by early June 2021. The transaction is significantly earnings and cash flow accretive. As of May 31, 2021, Shareholders of The GO2 People Limited approved the transaction. The GO2 People Limited (ASX:GO2) completed the acquisition of Skill Hire Australia Pty Ltd from Shoreside Holdings Pty Ltd, BC Fund II Pty Ltd, Asstock Pty Ltd and others on May 31, 2021.