Commercial in confidence

You may have seen the OneVue ASX announcement today which provided an update on their position as a creditor of the Sargon Group.  The announcement included information about the sale of Madison.  It’s information you are already aware of, and simply states we have received finals bids and there is an expectation the Receivers’ will select a preferred bidder by the end of the week, aiming for an end May completion date.

Once the preferred bidder is selected, there will be a period of exclusivity to negotiate the Share Sale Deed (SSD) and sign final contracts.  As all parties are ASX listed, we won’t be in a position to announce the preferred bidder until we have permission.  Both OneVue and the preferred bidder will have to announce to ASX first.  I have requested we time the communication to you as closely as possible to the announcement.  Bob Neill and OneVue are all conscious of ensuring we communicate to you prior to the Media frenzy which will no doubt ensue shortly thereafter.

As soon as I have information that can be shared, I will let you know.  If we get the timing wrong, please understand it is not deliberate.  I will also schedule a teleconference with Bob to provide details about the next stage and respond to any questions you may have.

I was speaking to Shelley Marsh this morning (Marsh Financial Advice, Sydney).  She mentioned she’s been able to concentrate on her business and not worry about the sale because she knew “we’d take care of it”.  Many of you have said similar words.  We never take it for granted.