Sequoia Financial Group Limited (ASX:SEQ) or (Sequoia) is pleased to announce that it has received signed share purchase agreement with New Quantum Holdings Pty Ltd (New Quantum) for the sale of 80% of Morrison Securities Limited (Morrison).
As previously announced on 9 March 2023, Sequoia will receive a total cash consideration of $40.5 million for an 80% interest in Morrison, to be settled in two tranches:
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An initial tranche of 50.1% of Morrison, for a consideration of $25.5m in cash; and
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A further tranche of 29.9% of Morrison, for a consideration of a further $15.0m in cash, on or prior to 31 August 2023.
A binding share sale and purchase agreement, together with a shareholder’s agreement in respect of Morrison, have today been entered into by the parties. It is anticipated that financial closing of the initial tranche will be completed by Wednesday 7 June 2023.
For more information, download the attached PDF.
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