iCrowd Newswire
24 Nov 2022, 03:02 GMT+10
GTC Legal Group (GTC or the Company), a privately held, leading legal services firm with a unique and diversified offering, yesterday terminated the proposed merger deal with ASX-listed law firm AF Legal Group Limited (ASX:AFL) (AFL or AF Legal), citing "information that has come to light that renders the transaction untenable".
The proposed merger was intended to create one of the largest personal services legal firms in Australia via AFL's acquisition of 100% of the issued share capital of GTC Legal Group Holdings Pty Ltd, the holding company of GTC's suite of diversified legal services businesses. Further details of the proposed merger can be found in AFL's ASX announcement dated 19 October 2022.
James Stevens, Managing Director of the GTC Legal Group, said:
"We are disappointed to have had to terminate our proposed merger with AF Legal. GTC was fully committed to progressing the transaction and were, until now, ready to complete what we had considered to be a merger of equals. Unfortunately, our assessment in the light of the accuracy of certain disclosures made to us by AFL is that we now believe the best course of action for our shareholders is to exercise our right to terminate.
GTC Legal Group (GTC) was founded in 2009, disrupting the "traditional" model of law firms operating within the personal legal services market, by offering a unique, diversified model. The GTC model encompasses a revenue-sharing-model law firm (GTC Lawyers), Australia's largest legal referral with a network of approximately 1500 lawyers contracted as partners (All Courts Lawyers), a front and back office service company (GTC legal Services), as well as a "traditional" law firm (Armstrong Legal), which operates across seven segments of personal law, has 116 staff in seven offices in Australia and has generated unaudited revenue of $20.3 million for the financial year ended 30 June 2022.
GTC operates one of Australia's busiest legal hotlines staffed exclusively by practising lawyers and fielding over 80,000 enquiries each year; as well as Australia's two largest legal websites for consumers - attracting 450,000 hits per month (www.gotocourt.com.au and www.armstronglegal.com.au). The Company has highly developed digital marketing and technology capabilities to improve law practices' organic growth and profitability.
Tags: Termination of Merger, Law, legal, Ma, Transactions
See Campaign: https://www.investability.com.au
Name: Dannika Warburton
Email: [email protected]
Job Title: Investor & Media Relations
Tags:Go Media, IPS, Reportedtimes, Google News, Financial Content, PR-Wirein, CE, iCN Internal Distribution, Extended Distribution, Legal Newswire, English
Get a daily dose of International Technology news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to International Technology.
More InformationSAN FRANCISCO, California: Under pressure from European regulators, Apple has revamped its App Store policies in the EU, introducing...
New Delhi [India], July 2 (ANI): A seminar on the prospects and possibilities of artificial intelligence in Northeast India was organised...
Hyderabad (Telangana) [India], July 1 (ANI): NMDC, India's largest iron ore producer, marked a significant milestone with the inauguration...
YINCHUAN, July 1 (Xinhua) -- China on Monday reached a major milestone in desertification control by completing a barrier belt along...
Hyderabad (Telangana) [India], June 29 (ANI): Olympic Games Tokyo 2020 medalist Lovlina Borgohain eased past Punjab's Krisha Verma...
Hyderabad (Telangana) [India], June 29 (ANI): Former youth world champion Ankushita Boro showcased her class on Day 2 of the Elite...
WASHINGTON, D.C.: On Friday, President Donald Trump announced that he was halting trade discussions with Canada due to its decision...
FRANKFURT, Germany: Germany has become the latest country to challenge Chinese AI firm DeepSeek over its data practices, as pressure...
New Delhi [India], July 3 (ANI): The social media accounts of several Pakistani actors and cricketers remain blocked after it was reported...
Uttarkashi (Uttarakhand) [India], July 3 (ANI): Border Road Organisation (BRO) on Thursday worked to clear the land subsidence near...
Washington, DC [US], July 3, ANI: A federal judge on Wednesday blocked United States President Donald Trump's asylum ban at the Southern...
Chinese premier to attend 17th BRICS Summit in Brazil, visit Egypt China looks forward to working with all parties to consolidate...