Total
0
Shares
Experience Co (ASX:EXP)
Source: Experience Co/LinkedIn
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Adventure tourism business, Experience Co (EXP) has completed the acquisitions of Trees Adventure and the Maria Island Walk
  • The completion follows the company’s September announcement of an entitlement offer of around $55 million at 33 cents per share
  • As well as funds being used for the acquisitions, proceeds are being applied to transaction costs and working capital to facilitate the company’s growth strategies
  • Experience Co CEO John O’Sullivan says the buys should deliver long-term value especially during the pandemic recovery
  • Experience Co shares are down 3.03 per cent and are trading at 32 cents

Adventure tourism business, Experience Co (EXP) has announced the completion of its acquisitions of Trees Adventure and the Maria Island Walk.

Treetop Adventure is Australia’s leading operator aerial adventures, offering rope courses, canopy tours and ziplining tracks.

The Maria Island Walk is a wilderness walk located in Tasmania and will join the Wild Bush Luxury brand.

Completion of each acquisition follows Experience Co’s September announcement of an entitlement offer of around $55 million at 33 cents per share.

As well as funds being used to acquire Treetops Adventure, proceeds are also being applied to associated transaction costs and working capital to facilitate the company’s growth strategies.

Treetop Adventure’s new sites, Treetops St Ives and the greater Sydney locations, have experienced strong trading conditions. The Maria Island Walk also has a steady booking pipeline for next season.

Experience Co CEO John O’Sullivan said the acquisitions should deliver long-term value.

“These acquisitions will make us a better business through the near-term pandemic recovery, and into the future, by the diversification of our existing customer base into a more domestic based customer. This in turn should deliver long-term value to Experience Co customers and shareholders.”

Experience Co shares were down 3.03 per cent to trade at 32 cents at 2:35 pm AEDT.

EXP by the numbers
More From The Market Herald
Siren Gold (ASX:SNG) - Chairman, Brian Rodan

" Siren Gold (ASX:SNG) to begin scoping study at NZ gold projects

Siren Gold (ASX:SNG) will undertake a scoping study for underground development at its Big River and…

" Mad Paws (ASX:MPA) reports 199pc growth December-quarter revenue

Pet services marketplace Mad Paws (ASX:MPA) has reported operating revenue for the December quarter of $2…

" Vanadium Resources (ASX:VR8) increases stake in Steelpoortdrift Project

Vanadium Resources (A:VR8) increased its interest to 73.95 per cent in the Tier 1 Steelpoortdrift Vanadium…

" Stanmore (ASX:SMR) awards EPSA Pacific $564m open-cut mining contract

Stanmore Resources (ASX:SMR) has awarded EPSA Pacific a $564 million mining contract at its Isaac Downs…