News: Parker Resources to acquire online insurance provider Ensurance

Parker Resources (ASX:PKR) has entered into a conditional agreement to acquire Ensurance Capital.

Ensurance has developed innovative solutions to provide general insurance products through digital media channels.

Following national success, Ensurance is positioned to expand its IT capabilities by offering additional products to both local and international markets.

Consideration payable for the acquisition, which is subject to approval by Parker shareholders, is the issue of 30 million shares, and payment of $500,000.

On completion of the transaction, Parker will change its name to Ensurance Ltd.

The acquisition of Ensurance constitutes a change in nature and scale of Parkers’ activities, therefore Parker will need to re-comply with Chapters 1 and 2 of the ASX listing rules.

Parker will hold a shareholders meeting to approve the transaction, including a required capital raising of at least $1.3 million.