Chapmans entered into a Binding Share Sale and Purchase Agreement (Agreement) to divest its interests in Digital4ge, an early stage mobile technology development company, and VAMP, a social media-driven product placement platform business in October (ASX announcement, 19 October 2017).
Under the Agreement, Chapmans was to divest 100% of equity interests in Digital4ge and VAMP to the Ben McGrath Family Trust for a total consideration of $700,000. Ben McGrath is a founder of Digital4ge, and is a founder and CEO of VAMP.
In addition, pursuant to the same Agreement;
- Chapmans was to be granted proxy by Digital4ge to assume Digital4ge's voting rights in Reffind Ltd (ASX:RFN). This effectively provides Chapmans with additional voting rights for 46.67 million shares or 10.84% of Reffind Limited; and
- Digital4ge was to sell 100% of its equity interest in Chapmans (5.5 million shares) to Chapmans or its nominee for a total consideration of $27,500.
Chapmans advise that the transactions pursuant to this Agreement have now been completed, and all parties to the Agreement have agreed to a full, complete and mutual release of all existing court proceedings and will take no further action is respect of existing court proceedings. In addition, all parties have agreed to meet their own costs.
About Chapmans Limited
Chapmans Limited (ASX:CHP) is an ASX listed diversified investment company engaged in special situation investments across a diverse range of industries, with a focus and expertise in the mobile and advanced industrial technology sectors. It seeks to be an active strategic investor in high growth areas of the market, and to identify and work with emerging high growth companies.
The Company's investment philosophy and approach are based on a unique mix of high conviction and special situation features, characterised by advisory and equity investments structured around specific events and assets for both public and large private corporates.