In June 7, 2012, Paxys, Inc disclosed to the Philippine Stock Exchange that the sale of Paxys N.V.'s 100% equity interest in Paxys Australia Pty Ltd to SmartGroup Investments Pty Ltd was completed following the fulfilment of closing conditions stipulated in the Share Sale Agreement dated 30 March 2012 (the "Agreement").
As a result of the completion, Paxys N.V. has received the amount of A$74.2 million representing 87% of the purchase price. The remaining 13%, amounting to A$11 million, was deposited in escrow and will be released to Paxys N.V. after a period of 12 to 18 months from completion or earlier, subject to (i) certain conditions being fulfilled, and (ii) claims for breach of the Agreement, if any.
Paxys N.V. is a wholly-owned subsidiary of Paxys, Inc.
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