Mayfield Group Investments Pty Ltd entered into a share purchase agreement to acquire remaining 35% stake in Walker Control Pty Ltd from JR & RT Walker Pty Ltd for AUD 0.5 million.

Mayfield Group Investments Pty Ltd (ASX:MYG) entered into a share purchase agreement to acquire remaining 35% stake in Walker Control Pty Ltd from JR & RT Walker Pty Ltd for AUD 0.5 million on January 22, 2021. The consideration is payable wholly by the issue of 1,039,583 MYG fully paid ordinary shares at a deemed issue price of AUD 0.48 per share. The Consideration Shares will be issued in tranches, On Completion, 623,750 Consideration Shares, being 60% of the Consideration and upon satisfaction of various business outcomes over the 12 months following Completion Date, 415,833 Consideration Shares, being 40% of the Consideration.

John Walker will continue as general manager for a further period of three years. The transaction is subject to, an employment agreement be entered into by Walker Control with John Walker which includes provisions regarding salary, bonus, minimum employment period and a noncompete clause and satisfactory due diligence to be completed by both JR & RT Walker and Mayfield Group Investments. The transaction is expected to be completed on February 1, 2021.