SMN 2.38% 43.0¢ structural monitoring systems plc

From the 2004 prospectus: Technology Agreement By an agreement...

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    From the 2004 prospectus:

    Technology Agreement
    By an agreement dated 29 November 1999 between SMSL, Tulip Bay Pty Ltd (“Tulip Bay” ) and Kenneth Davey (“Davey”  ), SMSL exercised an option to purchase the technology from Tulip Bay and Davey known as the “Monitoring Apparatus” or the “Davey System” including the invention, system and process and all intellectual property rights associated with the SMS technology. SMSL paid $500,000 as consideration to Tulip Bay for the exercise of the option to purchase the SMS technology.

    SMSL is required to pay either a royalty as calculated below or a minimum royalty (whichever is greater) to Tulip Bay with respect to each financial year, including the year ended 30 June 2000 until the date by which there is no longer any patent in existence owned by SMSL regarding the SMS technology.

    The minimum annual royalty payable to Tulip Bay is $60,000 per annum adjusted in accordance with the Consumer Price Index (All Groups). Alternatively, where the SMS Group has granted licences to use the SMS technology, a royalty of 3% of SMSL’s gross revenue in relation to the licence fees, royalties and other payments received under the licences are payable to Tulip Bay.

    Where SMSL manufactures and sells products using the SMS technology, a royalty of 3% of the SMSL’s gross invoice price at which SMSL has on that occasion sold the product (in an arms length transaction) is payable.

    Pursuant to the agreement, SMSL acquired full beneficial right, title and interest in the patents, and all other intellectual property rights and enhancements in relation to the SMS technology. SMSL was also granted a first right of refusal in relation to the acquisition of a licence or outright purchase of any and all intellectual property rights to further inventions, intellectual property and know how produced by Tulip Bay or Davey not currently comprising part of the SMS technology.
    Last edited by boogee: 01/05/19
 
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