TIDMBOS
RNS Number : 9831E
BOS GLOBAL Holdings Limited
12 May 2017
BOS GLOBAL Holdings Limited
ACN 009 087 852
AIM Release
12 May 2017
Agreement for sale of 75% interest in Copper Range (SA) Pty
Ltd
BOS GLOBAL Holdings Limited ("BOS GLOBAL" or "the Company")
(AIM: BOS), the software developer focused on improving
productivity and creating operational efficiencies in the workplace
with "Workplace Analytics", is pleased to announce that it has
received and accepted a conditional offer for the sale of its
non-core 75% interest in Copper Range (SA) Pty Ltd ("CRSA") which
holds early stage resources exploration tenements in the Olympic
Dam mining precinct of South Australia.
RSM Corporate Finance Australia Pty Ltd ("RSM"), who have
conducted the independent bid process (refer to BOS GLOBAL
announcement of 6 February 2017), has received an offer for cash
payment of GBP500,000 for 100% of CRSA as a joint bid from Pure
Synergy Limited and Innovation Corporation Limited ("Conditional
Offer"), both of which are Hong Kong registered companies.
The Board of BOS GLOBAL has accepted the Conditional Offer
subject to satisfactory negotiation of final terms of a Share
Purchase Agreement, with settlement currently expected by
approximately mid-June 2017. The 25% minority holder of CRSA has
provided its unconditional approval for the Conditional Offer in
return for fixed nett proceeds of AUD200,000 (approximately
GBP114,000 at current foreign exchange rates), with BOS GLOBAL to
receive the balance of the GBP500,000 purchase price less
transaction costs and minor tenement-related costs incurred by
CRSA. The Company notes that the carrying value of CSRA is $0 after
an impairment expense of $447,994 in relation to CRSA was
recognised during the year ended 30 June 2016 after consideration
of several factors including the lack of recent or planned
exploration, and the change of focus of the Company from resources
exploration to software development as a result of the corporate
transaction with BOS Global Limited
Should the Conditional Offer reach completion BOS Global intends
to apply the sale proceeds to the continued growth of its software
development business centred on optimising productivity in the
workspace.
Innovation Corporation Limited ("ICL") is a company of which Mr.
Travia, Managing Director of BOS GLOBAL, is the sole shareholder
and beneficial owner and ICL is a 50% participant in the
Conditional Offer. Consequently, in combination with convertible
note agreements with entities associated with Michael Travia (ICL
and DJ Family Trust), the Conditional Offer is considered to be a
Related Party Transaction under AIM Rule 13. Mr Travia has absented
himself from Board discussions and decisions on the sale of BOS
GLOBAL's 75% interest in CRSA.
With the exception of Mr Travia, who is involved in the
transaction as a related party as described above, BOS GLOBAL's
directors consider, having consulted with its nominated adviser,
that the terms of the transaction are fair and reasonable insofar
as its shareholders are concerned.
**ENDS**
For further information please visit www.bosglobal.com or
contact:
Michael Travia BOS GLOBAL Holdings Tel: +61 (0) 8 9322
Managing Director Limited 4071
E: shareholder@bosglobal.com
=================== ===================== ==============================
Andrew Thomson RFC Ambrian Tel: +61 (0) 8 9480
NOMAD Limited 2500
=================== ===================== ==============================
Charles Goodfellow Peterhouse Corporate Tel: +44 (0) 20 7220
/ Lucy Williams Finance Limited 9791
Broker
=================== ===================== ==============================
Elisabeth Cowell St Brides Partners Tel: +44 (0) 20 7236
/ Charlotte Page Ltd 1177
Financial PR
=================== ===================== ==============================
About BOS GLOBAL
BOS GLOBAL is a Software Company dedicated to making workplaces
more productive.
It does this through its patented platform built to capture and
analyse activities as a smart way to help individuals to achieve
greater levels of workplace efficiency.
The platform known as BOS360 Work Patterns Platform as a Service
('BOS360 PaaS') launching May 2017, is unique in its ability to
digitally render real time views of productivity in the form of
Work Patterns at an individual, team or organisation level.
The platform comprises of three main business competencies;
1. Workplace Automation - How digital information (records and
documents) is managed in the workplace.
2. Workplace Productivity - How people are spending their time at work
3. Workplace Integrity - How workplace information is secured and validated.
Each of these competencies are supported by a range of
enterprise grade software products designed to perform a specific
set of workplace functions. These products also act as both
collectors and feeders of information to the BOS360 PaaS for use in
the generation of Work Pattern reports and Workplace Analytics.
In addition to BOS Meet and BOS Automate, which were launched in
December 2016 and January 2017 respectively, BOS Time will be
launched this month in tandem with BOS360 PaaS.
BOS GLOBAL aims to generate re-occurring income through
subscriptions of its BOS360 PaaS and supporting products, as well
as through licensing of its patented Work Pattern technology. The
Company's sales strategy is focussed on building a global
distribution partner network via Enterprise Software Vendors,
Professional Services organisations and Consulting Practices.
The Company is in the process of completing its investment to
acquire a 40% interest in Call Design Pty Ltd on 23(rd) May 2017, a
profitable, Australian based, global provider of workforce
optimisation tools, focused particularly on call centre services,
which has an established blue chip client base. This highly
synergistic investment is expected to provide multiple
cross-selling opportunities to both companies in line with BOS
GLOBAL's strategy to deliver a comprehensive business optimisation
offering globally. This investment includes the 1(st) Rights for
BOS to acquire the balance of Call Design on the same financial
terms as the initial 40% investment
Call Design sets a new standard for Workplace Optimisation,
while BOS GLOBAL's software sets a new standard for Workplace
Efficiency. Both products will be offered through BOS360 PaaS,
setting a new standard for Workplace Analytics to give companies
greater control in making informed, fact-based decisions on their
operational activities; Workforce Analytics is a combination of
software and methodology that applies statistical models to
worker-related data, allowing enterprise leaders to optimise human
and machine resources.
BOS GLOBAL Holdings Limited is a LSE AIM listed company
incorporated in Australia, operating from offices in Melbourne,
Sydney and Brisbane. The Company also has a regional office in Hong
Kong, responsible for the Asia-Pacific region and processing of
large scale enterprise product sales with a greater than USD20
revenue stream over an initial three-year contract term. Such deals
include acquisitions and investments like the size of Call
Design.
The Company is working towards its expanded London Office with
its planned move of both Corporate and Board function to London in
late 2017. Further, plans are well underway to increase its
representation in Europe, the Middle East and Africa (EMEA) and
North America with that of Call Design, and with offices on track
to be established in 2017 in London and San Francisco
respectively.
This announcement contains inside information as stipulated
under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").
This information is provided by RNS
The company news service from the London Stock Exchange
END
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