PaySauce Limited signed a non-binding indicative term sheet to acquire Energy Mad Limited (NZSE:MAD) from Chris Mardon, SuperLife Ltd. and others in a reverse merger transaction on March 2, 2018. As on August 9, 2018, PaySauce Limited signed a binding agreement to acquire Energy Mad Limited. Under the terms of the transaction, Energy Mad Limited will issue shares to shareholders of PaySauce Limited. As a result, Energy Mad Limited's shareholders will own 3% and current PaySauce Limited's shareholders will hold 97%. Chris Mardon and SuperLife Ltd. hold 17.4% and 45% stake respectively in Energy Mad Limited. PaySauce Limited will pay the costs of the transaction. In case the deal gets terminated because of Energy Mad Limited’s shareholders voting against it, Energy Mad Limited will be liable to pay its share of the costs of the transaction. In a separate transaction, Energy Mad Limited will transfer all of the assets to its wholly owned subsidiary, Energy Mad NZ Limited and the shares of Energy Mad NZ Limited will then be distributed pro rata for zero consideration to all of the Energy Mad Limited's existing shareholders. Energy Mad Limited will be sufficiently funded to pay its liabilities upon completion of the transaction. Upon completion, Energy Mad Limited will change its name to PaySauce Limited. The transaction is subject to due diligence investigation of PaySauce Limited and Energy Mad Limited, entry into legally binding transaction documents, obtaining any necessary waivers from NZX that are required in order to proceed with the transaction, Energy Mad Limited obtaining shareholder approval for the sale of the assets of Energy Mad NZ Limited, Energy Mad Limited, Intellectual Property Energy Mad Limited and Energy Mad Build Limited to Ecobulb Limited and Energy Mad Limited obtaining all shareholder approvals that are required to undertake the transactions, including under the Companies Act 1993, the Takeovers Code and the NZX Listing Rules. The transaction is expected to complete shortly after such approvals are obtained. As of December 6, 2018, Energy Mad Limited shareholders approved the transaction. The transaction is expected to be completed during October 2018. As on November 19, 2018, the parties agreed to extend the date of competition to December 31, 2018. Simmons Corporate Finance Limited acted as independent advisor to Energy Mad Build Limited. PaySauce Limited completed the acquisition of Energy Mad Limited (NZSE:MAD) from Chris Mardon, SuperLife Ltd. and others in a reverse merger transaction on December 21, 2018. PaySauce Limited will trade with ticker code PYS. Energy Mad Limited changed its address to 67 Dudley Street, Lower Hutt, Wellington. David Jarman, Aidan Johnstone and Philip Wheeler resigned as Directors and were replaced by a new board of directors comprising Asantha Wijeyeratne, Andrew Barnes, Gavin Thompson, Mandy Simpson and Nick Lewis. The Senior Management team has resigned and is replaced by a new group of Senior Managers comprising of Asantha Wijeyeratne (Chief Executive Officer / Co-Founder), Troy Tarrant (Chief Technology Officer / Co-Founder), Krishnakumar Guda (Chief Financial Officer), Warren Choisy (Head of Development), Vicky Taylor (Head of Customer Experience), Rachel Marsland (Operations), Logan Tyson (Head of Growth and Partnerships) and Ben Colgate (Head of Design).