Workforce Holdings Limited (JSE:WKF) entered into a purchase and sale agreement to acquire Chartall Business College (Proprietary) Limited from Kevin Walpole Boyers for ZAR 34.9 million on January 20, 2020. As per the terms of the agreement, a maximum amount of ZAR 14 million is payable on the 30th day following the fulfilment or waiver, a maximum amount of ZAR 7 million is payable no later than 30 days from the date on which the annual financial statements of the Chartall Business College for the period ending December 31, 2020 are received by Workforce, subject to Chartall Business College achieving a warranted profit after tax of ZAR 7.5 million, a maximum amount of ZAR 7 million payable no later than 30 days from the date on which the financial statements of the Chartall Business College for the 12-month period ending December 31, 2021 are received by Workforce, subject to the Chartall Business College achieving a warranted profit after tax of ZAR 8.1 million and In the event that the aggregate value of profit after tax for the two-year period ending December 31, 2021 is greater than ZAR 15.6 million, Kevin Walpole Boyers shall also be entitled to receive a top up payment based on an agreed upon formula. This payment will be limited to a maximum of ZAR 7 million. Chartall Business College (Proprietary) Limited had net assets of ZAR 6.9 million and profit after tax is ZAR 7 million in 2019. The transaction is subject to delivery by Kevin Walpole Boyers to Workforce of the annual financial statements of Chartall Business College for the year ended December 31, 2019, within 90 days of agreement date, the conclusion of employment agreements between the Chartall Business College and certain key persons by no later than 30 days after the agreement date and the Board and the respective boards of directors of Chartall Business College each approving the purchase of the sale interest within 30 days of the agreement date. Merchantec Capital and Ararat Corporate Advisory Services acted as financial advisor to Workforce Holdings Limited.