COUNTPLUS SALE OF BENTLEYS WA AUDIT BUSINESS UNIT

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    30 July 2021
    CountPlus Limited (ASX: CUP) has finalised terms to sell the Audit and Corporate Finance business
    units of member firm Bentleys (WA) Pty Ltd to Hall Chadwick (WA) Pty Ltd.
    Bentleys (WA) Pty Ltd will be restructured and focus on the core client segment in SME accounting
    and advisory work as well as financial advice. Fab Fanayan has been appointed Managing Director of
    the restructured Bentleys (WA) Pty Ltd business and key management personnel will be acquiring
    equity in the restructured firm under the CountPlus OD-PTM model. CUP will retain a 60% shareholding
    in the restructured Bentleys (WA) Pty Ltd firm.
    Cash consideration for the sale of the Audit and Corporate Finance business units will be an estimated
    amount of $4.035M, based on acquired client relationships, work in progress, plant & equipment and a
    12 month rental contribution.
    All business units of Bentleys (WA) Pty Ltd contributed $197K NPAT in FY2021 (unaudited) and
    $153K NPAT in FY2020. The restructured Bentleys (WA) Pty Ltd will be written down to a nil carrying
    value and a one-off estimated profit on sale of $1.25M will be realised in the FY2022 financial year.
    The new Managing Director of Bentleys (WA) Pty Ltd, Fab Fanayan, spoke of the changes being
    made:
    “This transaction allows the firm to focus on our core SME client segment and reset the strategic vision
    for the business. A fundamental part of the restructure is having key team members become equity
    owners under the CountPlus OD-PTM model. Knowing we have the support, resources and capabilities
    of the CountPlus network behind us, we can look forward to driving growth and opportunities for our
    clients and staff.”
    Authorised for release to the ASX by the Board of CountPlus Ltd.

    courtesy of Bell Direct
    ==================================================================================================

    DYOR

    i hold CUP

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