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Rubik Financial Ltd Announces Acquisition Of Provisio Software

Sunday, 16 Jun 2013 08:39pm EDT 

Rubik Financial Ltd announced that it had entered into the full form agreements to acquire Provisio Software. Provisio Software is a market leader in the scaled and online advice markets counting many of the industry superannuation funds as its customers including AustralianSuper, Hesta and LUCRFSuper. Rubik has completed its due diligence, and the agreement is only subject to a number of usual conditions which Rubik expects will be satisfied by June 30, 2013. Rubik, at completion, will pay $0.29 million in cash to the Vendors and issue them 2.1 million shares. Rubik will make a further payment following Rubik’s AGM, which will total $1.15 million, being 3.0 times fiscal 2013 Normalised EBITDA less the completion payment. This payment shall be a mixture of cash and 4.9 million shares in Rubik. Both the fiscal 2014 and fiscal 2015 payments may contain scrip, which may be issued at Rubik’s option at the five day VWAP immediately following the announcement of RFL's fiscal 2014 and fiscal 2015 annual results. 

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5 Mar 2015