Due diligence on Beyond International, acquisition of The Square Group and expressions of interest for Eagle Farm property
destra Corporation Limited (destra) (ASX:DES) Australia’s leading digital media and entertainment company, today confirms that it is conducting due diligence on Beyond International for the purpose of evaluating whether it may make a takeover offer for Beyond. destra will inform the market as to its position once it has completed due diligence. destra currently holds 10.03% of the issued capital in Beyond.
The Square Group Acquisition:
destra also announced today the acquisition of a leading media and marketing services company, The Square Group (TSG).
TSG provides integrated media services to media agencies and their clients and has previously collaborated with destra’s Brand New Media, Australia’s leading independent media services company. TSG is owned by founder and CEO, Scott Llewellyn, who has been appointed as GM of destra Media’s Brand New Media Melbourne division effective immediately. TSG will be acquired for an undisclosed consideration of cash and destra shares. TSG will be integrated into Brand New Media.
Eagle Farm Property:
destra is now seeking expressions of interest for the sale of its property and land in Eagle Farm, QLD (waterfront property close to Brisbane Airport). The property currently houses the Magna Pacific distribution business. The market value of this property is approximately $18m based on a recent Knight Frank valuation.