Global Group International Holdings Limited entered into a memorandum of understanding to acquire MEJority Securities Limited from Mejority Capital Limited (ASX:MJC) for HKD 14.6 million on January 3, 2017. On April 4, 2017, a contract was executed. The consideration includes a non-refundable deposit of HKD 1.1 million as a advance payment after the commencement of due diligence, HKD 9.9 million will be paid as a gross payment from which sales commissions to business brokers involved with the transaction will be deducted and HKD 3.6 million as a contingent payment. As of April 4, 2017, Mejority Capital Limited received HKD 6.2 million and a further HKD 7.1 million of the settlement funds are payable following approval of Securities and Futures Commission of Hong Kong for the transfer of the shareholding. HKD 7.1 million shall be placed in an escrow account for a period of 6 months from execution, pending any outstanding commercial or regulatory outcomes that may come to light through that period. Mejority Capital Limited expects to receive the final settlement funds on September 30, 2017. On February 15, 2018, the escrow agreement has now been executed by both parties. Global Group International Holdings Limited have offered adjusted settlement payments of HKD 1 million on February 14, 2018, HKD 3.15 million on February 23, 2018 and HKD 3.15 on or before February 28, 2018. The transaction is subject to 30 day due diligence period by Global Group International Holdings Limited and approval of the sale by regulatory bodies. As of April 4, 2017, the process to achieve approval of Securities and Futures Commission of Hong Kong has commenced. On January 22, 2018, Securities and Futures Commission of Hong Kong approved the transaction. The transaction is expected to be completed in 2017. As of January 22, 2018, the transaction is expected to close on January 29, 2018. On January 29, 2018, the transaction is delayed. As on February 5, 2018, Mejority Capital Limited at the request of the Purchaser, Global Group International Holdings Limited agreed to extend the Settlement Date of this transaction to February 14, 2018. On February 15, 2018, Global Group International Holdings Limited has requested a further extension to the settlement date.