TBG Diagnostics Limited (ASX:TDL) entered into binding agreement to sell Progen PG500 Series Pty Ltd for AUD 6 million on August 22, 2016. Under the terms of transaction buyer will pay deferred consideration of AUD 6 million in three years. TBG Diagnostics Limited has negotiated the right to be able to convert the deferred consideration into equity such that the Company will hold 20% of the total share capital on issue in the buyer. As of June 30, 2016, Progen PG500 Series Pty had total assets of AUD 2.9 million. Keith Dredge of TBG Diagnostics Limited (ASX:TDL) will continue to be actively part of the PG500 business. TBG Diagnostics has the right to appoint a Director to the Board of Director of the buyer. TBG Diagnostics Limited (ASX:TDL) compled the sale of Progen PG500 Series Pty Ltd on August 22, 2016.