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Novatti Group - Reckon Sells APMG Business for $100m


Highlights

* Reckon announces sale of APMG business for $100m and special dividend to Reckon shareholders on completion of sale
* Novatti holds 19.9% of Reckon
* Novatti and Reckon partnership providing payment solutions to Reckon’s 114,000 cloud users is unimpacted by sale and continues to expand 

Novatti Group Limited (ASX:NOV) (Novatti or Company), a leading fintech enabling businesses to pay and be paid, is a major shareholder of Reckon Limited (ASX:RKN) (Reckon) with a 19.9% holding.

Reckon announced1 on 19 May 2022 that:

* It has sold its Accountants Practice Management Group (APMG) to the Access Group for $100m, conditional on ACCC and FIRB approval and standard closing conditions
* It plans to pay the majority of proceeds by way of a partly franked special dividend to shareholders on completion of the sale. This is expected to result in Novatti receiving a dividend in excess of $8m.

Novatti fully supports this divestment activity and congratulates the Reckon board and management on this achievement.  

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