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| Subject: 52.44884 million came from Proton towards end of June 2002. | |
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Author: anonymous |
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Date Posted: 02:51:42 10/06/02 Sun In reply to: anonymous 's message, "Economic benefits to the ERG group from Proton for 2003 financial year" on 18:55:08 10/04/02 Fri The Directors have also elected to take up as a non-current liability the deferred consideration for the Proton World acquisition. This amount was disclosed as a contingent liability in the PreliminaryFinal Report (Appendix 4B) lodged with the Australian Stock Exchange.The Directors believe this treatment provides a better disclosure of this obligation to the market. The recognition of this liability has not affected the reported earnings and has been added to the goodwill in relation to the Proton World acquisition. ----------------------------------------------------------- http://www.oanda.com/convert/classic ----------------------------------------------------------- FXConverter - 164 Currency Converter Results Sunday, October 6, 2002 18.3000000000 British Pound = 52.44884 Australian Dollar 18.3000000000 Australian Dollar (AUD) = 6.38508 British Pound (GBP) ----------------------------------------------------------- Median price = 2.86161 / 2.86606 (bid/ask) Estimated price based on daily US dollar rates. ------------------------------------------------------------ Rate for previous day ----------------------------------------------------------- CONTACT Shaun Duffy – General Manager Investor Relations PHONE+61 8 9273 1879 FAX+61 8 9273 1208 EMAILsduffy@erggroup.com ----------------------------------------------------------- http://www.protonworld.com/press/pr/PR_2002-03-20_ERG_ACQ.pdf ----------------------------------------------------------- ERG Closes Proton AcquisitionERG today announced the successful closing of the acquisition of Belgian-based high security, payment and identity smart card company, Proton World. The acquisition positions the ERG Group to offer high security, payment and identity capability to complement its market leading position in automated fare collection. The transaction sees American Express, Visa, Banksys and Interpay Nederland become shareholders in ERG. Collectively the four companies will hold approximately 75.5 million shares, representing 8.1% of ERG’s outstanding capital. The holdings are subject to restrictions on trading for two to three years. As part of the acquisition, American Express, Banksys and Interpay Nederland agreed to enter into five to seven year service level agreements that are expected to generate revenue in excess of $200 million over that time. Integration of the operations of the two companies has been under way for some time in anticipation of the legal closure of the acquisition. The companies have been evaluating their two Belgian sites, R&D processes and resources required. The annual savings foreshadowed in the prospectus, of $8-$12 million for R&D and $1-$3 million for administrative costs, are on target. ERG Chief Executive, Mr Peter Fogarty said: "We are focused on building our levels of recurring revenue and the long-term contracts to be entered into as part of this transaction are a significant addition on that front. "Our existing customers are increasingly looking for multifunction capability in their smart cards. Closing this transaction gives ERG control of two of the most powerful technologies in the industry." Full details of the acquisition were discussed in ERG’s rights issue prospectus dated 31 October 2001. The prospectus is available on ERG’s website at the following location: www.erggroup.com/invst_relations/prospectus/index.htm. ------------------------------------------------------------ http://stocknessmonster.com/news-item?S=ERG&E=ASX&N=222869&P=D ----------------------------------------------------------- During the year the company issued share capital to the value of $21.152 million as partial consideration for the acquisiton of the shares which the controlled entity did not already own in Proton World International SA. The purchase price also included a deferred cash settlement of $38.7 million. ----------------------------------------------------------- [ Next Thread | Previous Thread | Next Message | Previous Message ] |