Sequoia is pleased to confirm that it has now received $25.5m (the remaining balance of $7.35m of the deposit funds and stage 1 payment of $15m).
A further payment of $15m will be due upon settlement of stage 2, which is to be completed by August 31, 2023.
Sequoia will hold $17.85m of the $25.5m in an interest-bearing trust account until August 31, 2023, in case the Company is required to exercise its option to buy back the 50.1% stake in Morrisons if
the stage 2 payment of $15m is not received by August 31, 2023.
Sequoia confirms there is no changes to the business operations however congratulates Mr William Slack as moving into the role of CEO of the Morrison business during this period. Mr Slack will report to the board of Morrison.
Mr Garry Crole (Chair) with the casting vote representing SEQ and Mr Jong Chung representing New Quantum will be the directors of Morrison Securities in the period from now until final settlement
that is expected before August 31, 2023.
-END-
To view the announcement, download the attached PDF.
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