Huge Telecom has finalised the share agreement whereby it will acquire 59% of iTalk Cellular.
The formal sale of shares agreement between Huge Telecom and The Bebinchand Seevnarayan Trust, for the acquisition of 59% of the iTalk ordinary shares as well as the shareholder claims on loan account held by the Trust against iTalk, has been signed.
In terms of the agreement, Huge will issue 93 000 000 ordinary shares of one hundredth of one cent each to theTrust at an issue price of 550 cents per share.
In addition, Huge has granted the Trust an option to require Huge to acquire the Vendor Consideration Shares at a price of 335.27 cents per share, on or before 30 June 2008.
Meanwhile, Huge has secured an option which entitles it to acquire the Vendor Consideration Shares at a price of 550 cents per share, on or before 30 June 2010.