1st Group Limited (ASX:1ST) entered into a share acquisition agreement Visionflex Pty Limited from Adcock Private Equity Pty Ltd, Michael Harman, Elke Harman, Peter Shandley and Vanilla Milkshake Enterprises Pty Ltd. for AUD 5.8 million on January 25, 2022. The consideration consists of issue of 484,020,008 shares in 1st Group. In a related transaction, 1st Group has agreed to a placement of shares with Adcock Private Equity to raise AUD 2.5 million (250 million shares at AUD 0.01 each) to provide growth funding for the combined group. The transaction will be financed from AUD 3 million via, AUD 0.5 million a non refundable entitlement offer to eligible shareholder (rights issue) and AUD 2.5 million placement. For the FY21 ending on June 30, 2021, Visionflex reported revenue of AUD 2.3 million and EBITDA loss of AUD 1.8 million. Brook Adcock, founder of Adcock Private Equity and a seasoned technology investor, and John Nantes, the CEO of Adcock Private Equity, will join the 1st Group Board. The transaction is subject to approval from shareholders of 1st Group, No material adverse change in the operations of either 1st Group or Visionflex; and No prescribed occurrences in respect of 1st Group. The transaction is expected to close by the end of April 2022.

1st Group Limited (ASX:1ST) completed the acquisition of Visionflex Pty Limited from Adcock Private Equity Pty Ltd, Michael Harman, Elke Harman, Peter Shandley and Vanilla Milkshake Enterprises Pty Ltd. on June 16, 2022. The deal was approved by the shareholdes of 1st Group.