As part of the terms of the transaction, the purchaser will pay a milestone consideration to ERG based on the number of cardssold by the purchaser to ERG or it's customers.As this consideration will not be recognised on the settlement of the transaction a recoverable amount writedown has been made against the carrying value of the asset as at 31/12/02. -- Anonymous

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Subject: As part of the terms of the transaction, the purchaser will pay a milestone consideration to ERG based on the number of cardssold by the purchaser to ERG or it's customers.As this consideration will not be recognised on the settlement of the transaction a recoverable amount writedown has been made against the carrying value of the asset as at 31/12/02.

Author:
revenue-milestone consideration from the purchaser will be recognised in the year when it is earned."The milestones relate to the sale-ERG or its customers of smart cards that incorporate-ST chip.

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Date Posted: Tuesday, April 08, 01:35:38pm
In reply to: 's message, "" on Tuesday, April 08, 04:10:35am

iv)As part of the terms of the transaction, the purchaser will pay a milestone consideration to ERG based on the number of cards sold by the purchaser to ERG or it's customers. As this consideration will not be recognised on the settlement of the transaction a recoverable amount writedown has been made against the carrying value of the asset as at 31/12/02. The revenue on the milestone consideration from the purchaser will be recognised in the year when it is earned."EFIC to provide A$25.6 M in Proj Performance Bonds to ERG"ERG owns the technology that is licenced to Creative Star for use exclusively and only in Hong Kong---Creative Star is now known as Octopus Brussels, 9 November 1998 Proton state that Creative Star and ERG are joint venture partners, in Toronto both ERG and Creative Star are working together on the MTE's phase1. Octopus Cards has formed a consortium with Accenture, Thales and MTRC who are bidding with Cubic for the Netherlands whole of country contract.Proton has been adopted by Dutch banks universal Smartcard platform.an agreement with micro-chip manufacturer STMicroelectronics (ST) for the sale of ERG's 100% interest in Belgian-based Proton World (PW).Pursuant to the transaction, ST will grant ERG global rights to use the Proton technologies in ERG's transit smart card systems for 20 years through a licence agreement. In addition, ERG will retain exclusive access to a short-list of nominated transit customers for a five-year term. Under the terms of the agreement, ERG will sell all its shares in PWI to ST for a consideration of approximately A$110 million (e60million). After settlement of all inter-company accounts and payments for the global rights to the Proton technology, ERG will receive cash proceeds of approximately approximately63m to ERG Group after repayment of intercompany loans (e37 million) at settlement. A milestone fee of approximately A$40.9 million (e22.5 million) is payable to ERG on deferred terms tied to milestones over the next ten years. The milestones relate to the sale to ERG or its customers of smart cards that incorporate an ST chip.Settlement of the transaction is expected during April.The agreement is expected to be conditional on the revision and, in some cases,termination of certain licence agreements between PWI and certain ERG subsidiaries, the transfer of ERG'S 50% shareholding in Triumphant Launch to PWl and there being no change in the key employees of PWl before completion. A provision ahead of the sale announced on the 26/3/2003 was made for 52.4 million dollars for account period 30/6/2002 to the 31/12/02 as reported the 6/3/03.

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an agreement with micro-chip manufacturer STMicroelectronics (ST) for the sale of ERG's 100% interest in Belgian-based Proton World (PW).Pursuant to the transaction, ST will grant ERG global rights to use the Proton technologies in ERG's transit smart card systems for 20 years through a licence agreementIn addition, ERG will retain exclusive access to a short-list of nominated transit customers for a five-year term..	Under the terms of the agreement, ERG will sell all its shares in PWI to ST for a consideration of approximately A$110 million (e60million).	Tuesday, April 08, 01:45:23pm