IQG - IQuad Group Limited - Update on disposal by Iquad of its 90% equity
IQG
IQG
IQG - IQuad Group Limited - Update on disposal by Iquad of its 90% equity
interest in Iquad Verification Services (Pty) Ltd
IQuad Group Limited
Incorporated in the Republic of South Africa
(Registration Number 2004/025177/06)
Share Code: IQG ISIN: ZAE000101622
("IQuad" or "the Company" or "the Group")
UPDATE ON DISPOSAL BY IQUAD OF ITS 90% EQUITY INTEREST IN IQUAD
VERIFICATION SERVICES (PTY) LIMITED
Shareholders are referred to the SENS announcement dated 5 August 2011
regarding the disposal by Iquad of its 90% equity interest in Iquad
Verification Services (Pty) Limited to Messrs Trevor Hayter and Wade van
Rooyen(collectively hereafter referred to as "the Purchasers") for the
total purchase consideration of R1 500 000.
Shareholders are hereby advised that an addendum to the disposal
agreement, dated 7 November 2011, has been entered into between Iquad and
the Purchasers, whereby the period for settlement of the outstanding
purchase consideration in cash has been extended from 90 days to 180 days
subsequent to the effective date of the disposal, being 1 August 2011.
Accordingly the Purchasers now have until 31 January 2011 to settle the
outstanding purchase consideration in cash, failing which the outstanding
purchase consideration will be vendor financed by Iquad. The Purchasers
have to date paid Iquad R900 000 of the total purchase consideration in
cash and accordingly R600 000 is still outstanding of the total purchase
consideration. The outstanding purchase consideration payable by the
Purchasers will bear interest at prime interest rate plus 2% per annum
from 1 August 2011 until date of payment.
9 November 2011
Port Elizabeth
Corporate Adviser
PSG Capital (Pty) Limited
Designated Adviser
Questco Sponsors (Pty) Limited
Date: 09/11/2011 14:20:01 Produced by the JSE SENS Department.
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