TKG 0.00% 0.3¢ takoradi limited

Value of Matchtip

  1. 739 Posts.
    lightbulb Created with Sketch. 20
    This latest announcement provides an interesting insite into the increasing value of TKGs investment in Matchtip.

    First Quarter Activities & Cashflow Report

    Announced by: TAKORADI LIMITED (TKG)
    Announced on: 06/11/2002 17:17:08
    Part: C
    Words: 846
    Status: Market sensitive (Y)



    --------------------------------------------------------------------------------

    TAKORADI LIMITED 2002-10-31 ASX-SIGNAL-G

    HOMEX - Sydney

    +++++++++++++++++++++++++
    LOAN FACILITY

    To assist with current working capital requirements, the Company has
    entered into a financing facility for $1,000,000 with Harreson
    Company Limited ("Harreson"), a Hong Kong based investment company,
    at an interest rate of 10% per annum. The facility terminates on
    31 December 2002 but may be extended by mutual agreement.

    Takoradi presently holds 60.56% of the equity of Matchtip Limited
    (UK), the Company's UK software development company and Harreson
    holds 39.44%. Takoradi holds an option over additional shares held by
    Harreson which could reduce Harreson's holding to 27.49%. Harreson
    wished to cancel its option arrangement with the Company and
    consequently agreed to make an advance to the Company to provide
    additional working capital as a mechanism to achieve such objective.
    This loan, however, can be repaid by Takoradi at 31 December 2002 or
    extinguished by way of cancellation of the option agreement and
    payment of a fee equal to 2.4% of the Company's interest in Matchtip.

    The above arrangement could result in either the Company reducing its
    holding in Matchtip to 58.17% if the loan is not repaid, or on
    repayment of the loan, the Company would maintain its 60.56% interest
    in Matchtip however it would retain a reduced level of option over
    part of Harreson's 39.44%. If this options is fully exercised at a
    cost of approximately $600,000, as agreed in March 2001 at the time
    of the acquisition of Matchtip, Takoradi's holding in Matchtip would
    increase to 70.11% and Harreson would reduce to 29.89%.


 
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.