laptop with stock market on screen
Source: Pixabay
  • Peters Investments Pty Ltd converted $3M worth of Convertible Notes.
  • Debt and interest was converted to 115,621,485 in shares to be issued today.
  • Peters will hold a total of 30.24% of The Agency.

The Agency Group continues in fighting form after Peters Investments put in a strong show of support.

Despite the turbulence of the past two months, The Agency has posted significant gains and seems to have warded off trouble for the time being.

In December 2020 an unsuccessful take over bid was mounted by Magnolia Equities III Pty Ltd.

This was followed by the alleged appointment of voluntary administrators over what The Agency stated to be approximately $385,000 of debt.

Yesterday, The Agency posted their half-yearly results to great fanfare.

Total group revenue rose to $29M, and gross commission income of $38.1M, eclipsing last years full year result of $47.9M.

Renowned horse breeder Bob Peters has well and truly taken the reins, soon to hold 30.24% interest in The Agency.

The Agency reported to the ASX that Mr Peters converted $3M of Convertible Notes, with $3.121M of debt and interest converted to more than a hundred million shares (115,621,485).

It was also noted rent roll and mortgage book trail was estimated to be worth $27M.

As previously reported in Business News Australia, Magnolia holds 16.65% of The Agency.

With the steadfast interest from Peters, the Agency expects continued and sustainable growth:

“Peters Investments has shown strong support for The Agency, its strategy and long-term plans. Peters Investments has converted 50% of his secured Convertible Notes to equity, providing the Company with a stable and financial major shareholder to support the Company on its continued growth.”

More to come…

You May Also Like

New pub venture duo secure their first asset

Brisbane’s commercial market has been busy with a historic hotel and two industrial sites changing hands.

Changing market conditions making negotiation tricky

Some sellers yet to accept the realty of the market, says Ben Plohl

Top 20 Australian suburbs you can’t buy in

Is your suburb so undersupplied that stock could fall to nill in under a month?