5th Feb 2021 15:41
Wameja Ltd - Australian software company - Agrees with Mastercard Inc to extend the terms of their scheme implementation agreement. This accommodates a revision to the indicative transaction timetable for the scheme or arrangement after Seamless Distribution Systems AB, which purchased Wameja's core business in July 2019, gave notice of a potential claim under indemnity given by Wameja to Seamless concerning "licences for certain third party intellectual property utilised by Botswana Telecommunications Corp Ltd" as users of eServGlobal's 'Paymobile' platform. Seamless later notified of potential further claims under the indemnity regarding third party intellectual property use in Paymobile.
"The audit of the third party intellectual property embedded in the Paymobile platform utilised by BTC, as announced on 3 December 2020, is progressing and Wameja is managing the audit. Wameja maintains its view that the potential for a legitimate material claim under the indemnity in the [scheme purchase agreement] is very low. The Wameja board remains optimistic that the Potential Indemnity Claims will be resolved," says Wameja.
Current stock price: 6.70 pence
Year-to-date change: up 9.8%
By Anna Farley; [email protected]
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