Completion of Sale of USP to Oracle2010
Sydney, 4 August 2010
eServGlobal Limited (ASX: ESV; LSE: ESG) is pleased to announce that it has today completed the sale of its USP Business and USP Products to Oracle for AUD$107M (GBP£61.4M) following the satisfaction or waiver of all outstanding conditions.
After taking into account prior year tax losses in various countries, we anticipate the tax liability on the transaction will be approximately AUD$9M (GBP£5.1M), of which the majority will be Australian taxes generating franking credits.
eServGlobal’s Chief Executive Officer Richard Mathews commented “ We are pleased to have completed this transaction and look forward to the exciting opportunities our remaining businesses will provide.”
The Board intends to now expeditiously undertake a capital management review as described in the company’s 26 May 2010 announcement.