ACM: SIA Acme Corporation disclosure of sale closing
Closing of the transaction took place on 30 January 2015.
The interim amount to be received by SIA „Acme Corporation” net of all liabilities is € 6 182 610.9. € 5 522 937.85 of the above interim transaction amount will be paid to SIA „Acme Corporation” on completion of registration of Hili Properties BV as the shareholder of SIA „Apex Investments” and SIA „Tukuma Projekts” in the Commercial Register of the Republic of Latvia.
The final transaction amount will be determined based on the closing accounts of SIA „Apex Investments” and SIA „Tukuma Projekts” to be prepared by SIA “Acme Corporation” and reviewed by the auditor and Hili Properties BV, within 60 days of the closing of the transaction. Based on the financial results of SIA „Apex Investments” and SIA „Tukuma Projekts” as at 30 January 2015 the transaction amount may exceed or be less than the interim transaction amount stated above. The final settlement of the transaction amount, up or down, is due as soon as the actual transaction amount has been determined
From the net transaction amount to be received €400,000 will be held in retention as a guarantee for representations and warranties issued by SIA „Acme Corporation” to Hili Properties BV. If no claims are made by Hili Properties BV in a twelve month period, the retention money will be released to SIA „Acme Corporation”.
It is forecasted that the transaction will have a positive effect on the commercial activity and financial indicators of SIA "Acme Corporation". In particular, the transaction will reduce debt and reverse the negative equity situation of SIA “Acme Corporation” group.
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