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Comops Ltd Announces Sale Of Korellus Enterprise Resource Planning Business Operations And Assets To Markinson Software Solutions Pty Ltd

Tuesday, 16 Jul 2013 07:56pm EDT 

Comops Ltd announced that it has entered into an agreement with Markinson Software Solutions Pty Ltd (Markinson) to sell its Korellus Enterprise Resource Planning (ERP) business operations and assets. The proposed sale of the ERP business to Markinson follows a review undertaken by the ComOps Ltd board of directors to assess the most appropriate action to be taken to reduce debt and build value for shareholders in its expanding workforce management markets. The directors have each indicated that as shareholders it is their intention to vote in favour of the sale and the board unanimously recommends that Shareholders vote in favour of the sale. Under the Sale Agreement, ComOps will receive up to $4.2 million for the ERP business. Following shareholder approval, $3.7 million will be paid in cash on completion and subject to the business achieving an agreed NTA value, up to $0.5m of deferred consideration will be paid in November 2013. The sale is subject to conditions usual for a transaction of this type including shareholder approval which will be sought at an Extraordinary General Meeting of shareholders to be held in August 2013. The Purchaser has secured a proxy from a shareholder with respect to 9.9% of the issued ordinary shares in the company and intends to vote in favour of the sale at the Extraordinary General Meeting of shareholders. 

Company Quote

30 Oct 2014