Coastal Contacts (Aus) Pty Ltd entered into a share sale and purchase agreement to acquire Oz Contacts Pty Ltd from Reverse Corp Limited (ASX:REF) for AUS 2.9 million on April 30, 2019. Under the terms of consideration, AUD 0.14 million of the purchase price will be held back for a period of 12 months after the closing date to secure warranties and indemnities provided by Reverse Corp to Coastal Contacts (Aus) Pty Ltd. As per the terms of transaction, AUD 0.1 million is payable by Reverse Corp Limited in the event of any director failing to recommend that shareholders approve of the transaction under the agreement, or publicly changing, qualifying or withdrawing such recommendation. The transaction is subject to customary adjustment mechanisms, approval of security holders of Reverse Corp Limited and release of certain security interests granted by Reverse Corp in favor of National Australia Bank Limited conditional upon satisfaction or waiver on or before June 25, 2019, approval of shareholders of Reverse Corp Limited at the Extraordinary General Meeting expected to occur in mid-June. As of May 15, 2019, either party can terminated the transaction if conditions are not satisfied by June 25, 2019 or before completion, should either party be subject to an insolvency event. Reverse Corp Limited issued notice to its shareholders for extraordinary general meeting to be held on June 14, 2019. The transaction is expected to close in late June. Post acquisition, the use of proceeds shall be used to pay a fully franked special dividend in the range of AUD 2.5 million.