McGrath rival The Agency Group has been forced to amend a 12-month option agreement and seek a $10 million capital injection from investors to acquire Sydney-based Top Level Real Estate.
If successful, this deal alongside the acquisition of WA-based Sell Lease Property, will transform The Agency into a $50 million-a-year revenue business by the end of February.
On Monday, the ASX-minnow exited a 10 day trading halt and announced it had exercised an amended option to acquire Top Level. Top Level is backed by mortgage broker John Kolenda and led by former McGrath head of sales Matt Lahood.
Top Level trades as The Agency East Coast under a licence agreement. The acquisition of Top Level, through the issue of 550 million The Agency shares, is contingent on a successful minimum $10 million capital raising at 2¢ a share, and completion of the deal by February 20.
An institutional roadshow is under way and has experienced strong interest,” said a spokesman for The Agency Group… read more…