Capitalised terms and all abbreviations used in this announcement shall have the same meanings as that used in our announcements dated 22 November 2019 and 26 November 2019 unless stated otherwise.
The Company wishes to announce that its wholly-owned subsidiary, UEMS LaTrobe or Vendor has today entered into a Deed of Variation (“Deed”) with Scape or Purchaser to vary and/or supplement the Contract of Sale dated 22 November 2019 in relation to the Proposed Disposal as follows:
- Balance 90% of the Purchase Price shall be paid in the following manner:
(a) 10% or AUD$12.5 million to be paid on 30 May 2020; and
(b) 80% or AUD$100.0 million to be paid on 30 October 2020.
- First deposit paid on 22 November 2019 and second deposit paid on 20 December 2019 amounting to AUD$12.5 million (collectively defined as “Initial Sum”) will be released to the Vendor on or after the Deed has been executed.
- Another AUD$12.5 million will be paid to the Vendor on or before 30 May 2020 and released to the Vendor after the Deed has been executed. This payment and the Initial Sum are non-refundable.
- General expenses shall be apportioned accordingly with the Vendor being responsible for such expenses up to and including the Settlement Date i.e. 30 April 2020. The Purchaser is responsible for all costs after 30 April 2020. Maintenance and utility costs will be borne by the Purchaser from 30 April 2020.
- Vendor will procure for Aurora Melbourne Central’s Owners Corporation (“OC”) to enter into an agreement with the Purchaser for the swimming pool plant license, rubbish chute and lift license and assignment of waste management agreement, on or before 30 October 2020.
- Under the Deed, the new Settlement Date is 30 October 2020.
Save for the variations disclosed herein, the Contract of Sale shall remain the same and be in full force and effect as agreed between the parties.
This announcement is dated 30 April 2020.