Embark Early Education acquires 250,000 Mayfield shares

• Embark Early Education acquired 250,000 ordinary shares in Mayfield, crossing the majority threshold to hold 50.04% total voting power.
• The incremental purchase of 0.204% voting power did not trigger a requirement for a substantial shareholder notice.
• The transaction was completed using statutory takeover creep provisions under Australian corporate regulations.

Embark Early Education (ASX:EVO) acquired 250,000 ordinary shares in Mayfield Childcare (ASX:MFD) to increase its total voting power from 49.80% to 50.04%.

The transaction moves Embark into majority control after holding its previous stake since March 4.

Because the total voting power in Mayfield only increased by 0.204%, the company did not lodge a separate Substantial Shareholder Notice.

Embark cited section 611 item 9 of the Corporations Act, known as the 'Creep Exception', as the regulatory basis for the share acquisition.

Following the announcement, the Embark Early Education share price was unchanged at $0.41.

The childcare provider continues to expand its footprint in early childhood education centres across Australasia.

The latest acquisition builds on the group's ongoing strategy to consolidate equity interests within listed industry peers.