Exercises Right to Acquire Xped
Sydney, Dec 1, 2015 AEST (ABN Newswire) - Raya Group Limited (
ASX:RYG) is delighted to advise that in accordance with the Heads of Agreement (announced to the ASX on 26th October 2015) entered into between Raya and Xped Holdings Limited (Xped), that Raya and the Xped Vendors have formally and satisfactorily completed their Due Diligence, and Raya will now proceed forward in acquiring 100% of the shares in Xped.
Raya provides the following updated anticipated timetable:
----------------------------------------------------------Event Date----------------------------------------------------------Dispatch Notice of Meeting 28 December 2015Lodgment of Prospectus with ASIC 28 December 2015Shareholder Meeting to approvethe transaction (and associated matters) 27 January 2016Expected Closing Date of Capital Raising 10 February 2016Completion of Acquisition 16 February 2016RYG Shares recommence trading on the ASX 23 February 2016----------------------------------------------------------These dates are estimates and may be subject to change.
Athan Lekkas Executive Chairman of Raya Group commented; "The Board of Raya are very excited to finalise an acquisition of Xped's calibre. The level of interest demonstrated from the wider investment community has been overwhelming, and the confidence shown from our strategic investors and institutions further highlights the valuable asset we are acquiring. With a highly unique and lucrative patent portfolio, large scale early deployment opportunities and an experienced management team, we believe we have secured a valuable future for the Company and our shareholders".
About XPED Ltd
XPED Ltd (ASX:XPE) is an Australian Internet of Things (“IoT”) technology business. Xped has developed revolutionary and patent-protected technology that allows any consumer, regardless of their technical capability, to connect, monitor and control devices and appliances found in our everyday environment. Xped provides technology solutions for Smart Home, Smart Building, and Healthcare.
At Xped, we’re Making Technology Easy Again(TM)
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