Title: Harrington Group Ltd acquires MDM Technologies Pty Ltd from MDM Group Inc Price: $48.00 Publication Date: Jan 24, 2005 Abstract: AUSTRALIA - Harrington Group Ltd (HG) acquired the entire share capital of MDM Technologies Pty Ltd (MD), a non lethal weapons manufacturer, from MDM Group Inc, for 8.885 mil Australian dollars ($6.924 mil US). The consideration consisted of the issuance of 80 mil new ordinary HG shares valued at A$6.96 ($5.424 mil) and the assumption of A$1.925 mil ($1.5 mil) in liabilities. The shares were valued based on HG's closing stock price of A$0.036 ($0.028) on February 23, the last full trading day prior to the announcement. The transaction had subject to due diligence completion and approval by shareholders and regulatory authorities. On completion of the reverse takeover transaction, HG was to change the nature and scale of its activities and MD was to hold a 66.1% interest in HG. Acquirer: Harrington Group Ltd Acquirer Business Discription: Own,op radiata plantation Acquirer SIC Code: 0831 - Forest nurseries and gathering of forest products Target Name: MDM Technologies Pty Ltd Target Business Description: Mnfr non lethal weapons Target Ultimate Parent: MDM Group Inc Target SIC Code: 3483 - Ammunition, except for small arms
SBN Price at posting:
0.7¢ Sentiment: Buy Disclosure: Held
