IFT
14/08/2014 09:39
ASSET
REL: 0939 HRS Infratil Limited
ASSET: IFT: Conditional agreement to sell shareholding in PayGlobal Ltd
Infratil has entered into a conditional agreement to sell its 54%
shareholding in PayGlobal Limited to MYOB Finance NZ Limited. MYOB has also
entered into the same agreement with all the other PayGlobal shareholders.
Infratil expects its share of the proceeds, including a pre-completion
dividend and after taking account of preference shares it holds, to be
approximately $9.2 million.
The agreement is conditional on a number of third party approvals, and no
material adverse change.
Completion is scheduled for 31 August 2014.
Background
PayGlobal is a Christchurch-based company that develops and sells payroll and
HR management software. Infratil made its initial investment in 2002. As at
31 March 2014, the book value of the investment was $5.89 million.
Marko Bogoievski
Chief Executive Officer
Infratil Limited
End CA:00253862 For:IFT Type:ASSET Time:2014-08-14 09:39:35
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
