Hot Rock Limited (HRL) has announced its proposed acquisition of OCTIEF Pty Ltd (OCTIEF) from Integrated Holdings Group Pty Ltd (IHG). OCTIEF is a growing environmental consulting and hazardous materials testing company.
The transaction will see Hot Rock acquire a profitable business with significant growth potential, adding to its interests in the clean energy industry through the exploration and development of geothermal projects in Victoria.
Management planning, audits, sampling and analysis of asbestos form one of OCTIEF’s core areas of operation. With Australian organisations across public and private domains required to comply with stringent new health and safety legislation and regulations concerning the presence of asbestos in buildings or soils, there is strong demand for the environmental services provided by OCTIE.
The transaction is subject to a number of conditions, including obtaining shareholder approval for the proposed acquisition.
On completion of the purchase, the shareholders of OCTIEF will be entitled to appoint two representatives to the HRL board and it is proposed that Mr Kevin Maloney and Mr Darren Anderson will join the board as the non-executive Chairman and Executive Director respectively.
Pre-acquisition due diligence and preparation of further legal documentation will be completed by mid-August 2014.