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COMMS GROUP LTD — Capital/Financing Update 2019
Mar 7, 2019
64618_rns_2019-03-07_accc33d0-6617-47dc-a377-254779332e65.pdf
Capital/Financing Update
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8 March 2019
Release of Claims Retention Amounts for Oracle Telecom, Telaustralia, Telegate and Woffle
In accordance with CCG's Acquisition Agreements to acquire each of Oratel Pty Ltd ( Oracle Telecom ), Telaustralia Pty Ltd ( Telaustralia ), Telegate Pty Ltd (including Syntel Pty Ltd) ( Telegate ) and Woffle Pty Ltd ( Woffle ), an amount equal to 20% of the share component of the purchase price ( Claims Retention Amount ) under each of the relevant Acquisition Agreements was retained by CCG as outlined in the Company's Prospectus dated 28 November 2017.
The Claims Retention Amounts are now payable by the Company to the vendors of these entities and CCG wishes to advise that the full Claims Retention Amounts have been paid to the respective vendors through the issue of new fully paid CCG shares. A total of 10,948,519 new CCG shares were issued to the vendors of these entities. With the issue of these new CCG shares, full payment of the purchase price under the Acquisition Agreements has now been made to the vendors of these entities.
For further information contact:
Corporate Enquiries Ben Gilbert, CEO m. 0411 022 744 e: [email protected]
Investor Relations Greg Slade m. 0488 917 882 e. [email protected]
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CommsChoice Group Limited (ASX: CCG) ACN: 619 196 539 p: 1300 42 66 67 (Australia) e: [email protected] w: www.commschoice.com