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Warehouse completes Aussie acquisitions

By Phil Boeyen, ShareChat Business News Editor

Thursday 17th August 2000

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The Warehouse has completed its purchase of two Australian discount chains.

The company has bought Clint's Crazy Bargains and Silly Solly's for an upfront cost of $102.2 million, which is lower than the previously announced figure of A$105 million.

It says the potential earn-out figure is now up to A$26.4 million, up from A$24 million.

The company says the minor adjustment to the consideration reflects changes to the projected position of the two Australian retailers at the end of July. Completion and the final acquisition cost is subject to receiving satisfactory audited settlement accounts.

The Warehouse Group is due to report its full year result to the end of July in the first week of September. Sales figures from the Australian acquisitions will be included in the company's October quarterly announcement.

WHS shares have been trading around the $6.00 mark on Thursday morning, up 15 cents.

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