Below is part of the announcement made on Acquisition of JCT on 7 June 2016.
Look at the bold sentence. Anytime soon before 30 June 2016?
The completion of the acquisition of JCT is proposed to be subject to a number of conditions precedent, including: (a) the parties entering a formal sale and purchase agreement on terms consistent with the HOA and subsequent variation deed. Each party has agreed to cooperate in good faith and use all reasonable but commercially prudent endeavours to negotiate the terms of the formal SPA within 15 days; (b) all necessary ASX and ASIC approvals, waivers and confirmations being obtained by Xped in respect of the JCT Acquisition; (c) all necessary shareholder approvals being obtained by both Xped and JCT in respect of the JCT Acquisition; and (d) the vendor (or his nominee) being engaged as chief executive officer of JCT on terms previously announced. The balance of the conditions precedent are to be satisfied by 30 June 2016. Xped has agreed to payment of a $50,000 break fee if the HOA is terminated in specific circumstances and a $100,000 break fee if any required shareholder approvals are not obtained in specific circumstances.
PDYOR.
XPE Price at posting:
5.9¢ Sentiment: Hold Disclosure: Held
