Last week Vibe Capital completed the sale of all of its shares in Market United to strategic acquiror and listed company Q Ltd.
The announcement to the Australian Stock Exchange can be found here: http://asx.com.au/asxpdf/20070820/pdf/3141k10c74rbml.pdf.
The details of the transaction have not been disclosed beyond an initial payment of $4m followed by two subsequent payments based on MU performance over the next two years. We are very pleased with the return on investment and even more pleased for Marc, Richard and the rest of the team at MU who will now be part of a substantially larger and listed organisation whilst retaining a lot of their independence. Vibe Capital will also become a substantial shareholder in Q Ltd as part of this transaction.
This marks the end of our 9 month shareholder relationship with MU and we are now settling back into the role of a major MU customer for the foreseeable future. I had a great time on the Board of MU and hope that I was able to add some value despite the short period of the role.
MU are also planning to move premises at the end of the week so there is oplenty of change afoot for the folks at the Old Swan Brewery building.
My best wishes to Marc, Richard and the team for continued success and growth into the future.
Matt
