Lycopodium Ltd. entered into a non-binding heads of agreement to acquire a majority interest in ADP Holdings Limited.
Lycopodium Ltd. (ASX:LYL) executed a binding agreement to acquire 74% stake in ADP Holdings (Pty) Limited on January 24, 2014. The due diligence process for the transaction has been completed. The transaction will be funded from cash reserves of Lycopodium. Lycopodium will have the option to acquire the remaining interest in ADP Holdings. The transaction is subject to obtaining the necessary governmental approvals. The transaction is expected to close by December 31, 2014. As of September 26, 2014, The government approvals for the transaction have been obtained and the transaction is expected to be concluded on September 30, 2014.