Sonnet Corporation Ltd (ASX code: SNN) has entered into an...

Sonnet Corporation Ltd (ASX code: SNN) has entered into an agreement to acquire the shares of
Sernet Pty Limited, an IT Professional Services company based in Sydney.
The acquisition, subject to the completion of comprehensive due diligence, will assist Sonnet with
its growth targets for the Enterprise Services subsidiary and provide complementary technical
skills currently required by the Groups’ customers.
The consideration of $750,000 will be predominantly satisfied by the issue of Sonnet shares to
the value of $650,000, with commercial warranties provided by the management of Sernet Pty
Limited.
The stock will be issued in two tranches, with the second installment of shares valued at
$400,000 to be issued 180 days after the completion date, subject to satisfaction of vendor
warranties and performance.
All stock will be escrowed for one year from the date of issue.
Completion of the transaction is scheduled for November.
For further information:
Marcel Dufour (02) 8425-4462