Update on My Verified ID
Sydney, July 1, 2015 AEST (ABN Newswire) - Invigor Group Limited (
ASX:IVO) ("Invigor") advises that a Deed of Company Arrangement ("DOCA") has been approved for the My Verified ID Holdings group of companies ("MVID") to which Administrators were appointed in March 2015. The Administrators were appointed by Invigor acting in its capacity as secured creditor.
Under the terms of the DOCA, Invigor expects to receive a cash payment of up to $570,000(1) by the end of 2015 and will hold a carried investment in MVID expected to represent a 10% interest.
Invigor will assess the carrying value of MVID, including the cash payment expected to be received and the fair value of the ongoing investment, as part of the process for finalising its 30 June 2015 half year financial report.
(1) The DOCA specifies that $380,000 is the minimum amount to be paid to Invigor as Secured Creditor.
About Invigor Group Ltd
Invigor Group (ASX:IVO) uses its complementary suite of big data products to source, aggregate, analyse and publish content for the benefit of businesses and consumers.
Today its interconnected data sets enable enterprise clients including retailers, brands, shopping centres and government bodies to identify and better understand competitors, consumers, markets and demographics while providing the consumer with the best value-for-money.
Using its current products and a pipeline of additional offerings Invigor will have the ability to provide an end-to-end solution spanning sales, product management, business intelligence, marketing, advertising, content creation and distribution, while monetising each step of the process.
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