Allshores values Argus purchase at $43m
The net purchase price consideration of BF&M’s acquisition of Argus, including the fair value of the group’s pre-existing interest in their competitor, was $43.2 million.
This emerged from the Allshores 2025 annual review after the first full financial year following the combination of BF&M and Argus Group.
The company said after a purchase consideration of $43.165 million and total identifiable net assets acquired of $88.97 million, there was a “bargain purchase” gain of $45.805 million.
That one-off non-cash accounting gain arising from the combination of the two companies, led to a net income of $135.1 million, under International Financial Reporting Standards accounting rules, a 4,122 per cent improvement over the pro forma 2024 result of $3.2 million.
Investment returns were up 31 per cent to $55.5 million, earnings per share were $14.34, compared to $1.15 per share in 2024.
The quoted 2024 figures combine the historical results of BF&M and Argus, as if the amalgamation had occurred at the beginning of the comparative period.
The statement said: “The bargain purchase gain arose primarily due to the identification and fair value measurement of intangible assets and the re-evaluation of other identifiable net assets acquired, which resulted in the total fair value of net assets exceeding the consideration transferred.”
Transaction costs of $5.4 million were incurred in connection with the acquisition and were expensed as incurred, within other operating expenses.
A message from Anthony Joaquin, Allshores’ chairman, included the comment: “The cost pressures that shaped the rationale for the combination — healthcare inflation, rising pharmaceutical costs, and the realities of operating at scale in a small market — have not eased.
“Against this backdrop, the strength of what we are now building as Allshores is becoming increasingly clear.
“The business is better positioned to manage these pressures than either organisation could have been alone, and our results reflect that.
“As we move forward, the focus is increasingly on realising the full potential of the business we have created.’
Allshores is a result of the January 6, 2025 transaction that brought BF&M and Argus Insurance together in an all-stock transaction.
The Amalgamation Transaction Agreement included Argus shareholders being issued 0.251 of a share for each Argus share they held, on the date of closing.
The notes to the consolidated financial statement of income reported that from the acquisition date to December 31, Argus contributed $291.4 million in revenue and net income of $48.2 million.
The 2026 annual meeting of the company was scheduled to be held virtually last Thursday morning.
• For more on the Allshores 2025 Annual Report, see Related Media
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