Novacoat clarification

LAST week, WA Business News reported on an acquisition by Novacoat Holdings of the business assets of Sydney-based engineering, construction and maintenance group McFee Holdings. The article stated that, as part of the acquisition agreement, Novacoat would pay cash of $250,000 up front, with 12 monthly payments of $150,000 each in addition to a scrip arrangement of 666,666 fully paid ordinary Novacoat shares and 500,000 unlisted options. However, WA Business News would like to clarify that the incorrectly reported payments of $150,000 each by Novacoat should in fact have read one payment of $150,000 broken into 12 equal monthly payments of $12,500 each.


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