You couldn't include less detail in an announcement if you tried? What size car parks, number of spaces , space turnover , length of contracts,, Most company contracts have a change of ownership clause that allows contracted parties to exit contracts etc.
What liabilities come with this firm in terms of staff, leases and ongoing contracts etc. What was turnover of NE Parking and what was its profitability etc Look up companies house. Thier website says they already use ANPR but may refer to car park managementa nd may have been a SPZ client. SPZ not stupid if they buy up intermediatary management comanies with no scale and take extra margins and get effeciency.
At that price I guess you can guess the answers and be interesting to see teh SPZ team in acttion and if they have the skills to quickly intergrate and turn these sites around. SPZ prior attempts i regards to having supervised parking had fraud etc IMO.
Not sure SPZ ability to quickly scale up and convert sites nor to supervise staff etc. I hope they announce plans and progress as otherwise it will be poot luck unless you are local or a insider as to progress and possible outcomes
ASX needs to enforce more information to shareholders IMO. .
Below just a dump off a quick search
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News release
SYDNEY, AUSTRALIA: Smart Parking Limited (ASX:SPZ) announced the acquisition of 100% of NE Parking Limited (NEP).
NEP, founded in 2016, manages 517 manually operated parking sites in the North West of England.
The 517 sites under management will be added to existing manually operated Smart Parking estate and provides SPZ with opportunities for upgrading suitable sites to ANPR technology.
SPZ CEO, Paul Gillespie commented; “We are excited to welcome the NE Parking business and customers to the Smart Parking Group. NE Parking has built a well-respected company in recent years with a strong portfolio of sites under management across the North West of England.”
The acquisition follows several weeks of negotiation and due diligence. There are no conditions to settlement, and the Company shall pay $0.52m to acquire 100% of NEP. Warranties customary for a business of this nature have been provided, and it has been agreed that the General Manager of NEP shall assist in transition of the business for the first 6 months post-settlement.
Smart Parking Limited is a pioneering technology innovator and services company in the parking industry. With offices in Australia, New Zealand, Germany and the UK, along with a rapidly growing global network of expert partners, company brings intelligent parking sensors and integrated smart parking services to the world.
Smart Parking Limited has been an Australian Securities Exchange (ASX:SPZ) publicly listed company since early 2011.
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