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MICROmega Holdings Ltd Announces Related Party Acquisition of Nosa Global Holdings

Friday, 18 Oct 2013 11:42am EDT 

MICROmega Holdings Ltd announced that MICROmega has negotiated the conclusion of an agreement dated October 11, 2013 (the acquisition agreement) in terms of which MICROmega will acquire 100% of the shares in NOSA Global Holdings Limited, a company incorporated in Hong Kong (Nosa Global Holdings), presently held as to 100% by Mr David Cunningham King (the Vendor). The Vendor is a related party to MICROmega as he is a director of MICROmega and is also a major shareholder in MICROmega via his family trust. The acquisition agreement, which was entered into by MICROmega and the Vendor on October 11, 2013, provides for the acquisition by MICROmega of 100% of the shares in NOSA Global Holdings from the Vendor (the acquisition) with effect from October 1, 2013 for an acquisition price of ZAR35 million (the consideration), to be settled in cash of ZAR17,273,569 through the elimination of a trade receivable owed by the Vendor to creditors (which arose in the ordinary course of business) and the balance of ZAR17,726,431 through the issue of 2,215,803 shares in MICROmega to the South African domiciled King Family Trust at an issue price of ZAR8.00 per share. Following the implementation of the transaction, MICROmega will hold a 100% equity interest in NOSA Global Holdings and its subsidiaries. 

Company Quote

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3:10am EDT