Eric William Platt, Douglas Murray Cutter and Luke Robert Ralph Quinn acquired Safic Proprietary Limited from Accéntuate Limited (JSE:ACE) for ZAR 10 million on December 31, 2019. The consideration will be reduced by the claim if the condition related to the claim are not fulfilled, plus interest that will have accrued on the term loan to Accéntuate Management Services Proprietary Limited calculated from January 1, 2020 to the final date of payment. Payment of the consideration will be made in 5 tranches the first of which will be paid on April 10, 2020 and the balance by October 31, 2020. As of December 31, 2020, Safic Pty had total assets of ZAR 34.1 million and net assets of -9.9 million. The transaction is subject to approval by the Board of Accéntuate Limited, buyers securing ZAR 5.5 million working capital facility for Safic to the reasonable satisfaction of the Accéntuate Board, approval in terms of the Sale of Shares and Claims Agreement by Ion Exchange India Limited, approvals by all convertible debt holders of the terms of the sale of shares and claims agreement and the release of the security document held, approval from first national bank of the terms of the Safic transaction and cancellation of cross guarantees and security cession of debtors, approval of the JSE, the takeover regulation panel, the competition commission and other relevant authorities (if any) of the proposed transaction and all the documents associated with implementing the proposed transaction, resignation of the Accéntuate nominees to the Board of Directors of Safic and the requisite approval by shareholders of accéntuate approving the sale of shares and sale claims agreement at a general meeting. The transaction is also subject to the condition that Ion Exchange Safic Proprietary Limited secure a working capital facility in the amount of at least ZAR 3.3 million by April 30, 2020 and the written consent from Ion Exchange India Limited. If this condition is not fulfilled, the claims by Safic against Ion Exchange Safic Proprietary by virtue of shareholders loans and trading account receivables, as calculated as at the effective date will be ceded and sold to Accéntuate Limited and the purchase consideration will be reduced by the value of the claim. The transaction was approved by the Board of Accéntuate Limited. As of June 8, 2020, JSE Limited granted Accéntuate an extension until July 10, 2020 to dispatch the circular to shareholders regarding the transaction. As of July 10, 2020, JSE Limited granted Accéntuate an extension until July 31, 2020 to dispatch the circular to shareholders regarding the transaction. As of July 30, 2020, JSE Limited granted Accéntuate an extension until August 21, 2020 to dispatch the circular to shareholders regarding the transaction. As of August 19, 2020, Accéntuate shareholders are advised that the circular to shareholders regarding the transaction is expected to be posted by September 4, 2020. The proceeds from the sale will be applied to the working capital of the group and to reduce the exposure to first national bank. The transaction will have a positive impact on the financials of Accéntuate Limited. Fullard Mayer Morrison Attorneys acted as legal advisor, Bridge Capital Advisors Proprietary Limited acted as financial advisor, Candice Whitefiel of Moore Johannesburg Inc. acted as accountant and Computershare Investor Services (Proprietary) Limited acted as transfer agent for Accéntuate. Accéntuate paid a fees of ZAR 29,000 to Fullard Mayer, ZAR 190,000 to Bridge Capital, ZAR 170,000 to Moore Johannesburg and ZAR 50,000 to Computershare Investor. Eric William Platt, Douglas Murray Cutter and Luke Robert Ralph Quinn completed the acquisition of Safic Proprietary Limited from Accéntuate Limited (JSE:ACE) on December 31, 2019. As per the transaction, an amount of ZAR 2.1 million had been paid in various instalments by 30 June 2020 and outstanding balance is payable on or before 31 October 2020.