Raya Group Ltd ( ASX:RYG) is pleased to announce that it has received executed agreements from all minority shareholders of Xped Holdings Ltd (Xped). The agreements provide Raya with the right to acquire the remaining 4.4% of the issued capital in Xped.
As announced on 26th October 2015, Raya executed a binding Heads of Agreement (HOA) with the key shareholders of Xped to acquire all of the issued capital in Xped.
Raya now has the right to acquire 100% of Xped and under the terms of the HOA will make payable $50,000 to Xped having satisfied the conditions precedent in the agreement.
The Directors of the Company are of the view that the acquisition of Xped will create a significant opportunity for both Raya Group and Xped stakeholders, enabling Xped to become a major force in the lucrative “INTERNET OF THINGS” (IoT) market.
Raya Group (ASX:RYG) is a geothermal exploration and development company pursuing a range of projects in Australia and internationally. Raya is based in Brisbane in Queensland with projects in South Australia, Indonesia and India.
Raya turns geothermal resources into reserves for power generation – identifying, exploring and developing the resources into commercial power stations to generate zero-emission electricity.
Raya owns some of Australia’s largest geothermal resources. Our company is pioneering the development of conventional geothermal technology in Australia – targeting geothermal resources where naturally occurring hot water is found in existing reservoirs beneath the earth’s surface
Link: RAYA RECEIVES RIGHT TO ACQUIRE 100% OF XPED HOLDINGS LIMITED