IQG - IQuad Group Limited - Update on disposal by Iquad of its 90% equity

IQG - IQuad Group Limited - Update on disposal by Iquad of its 90% equity       
interest in Iquad Verification Services (Pty) Ltd                               
IQuad Group Limited                                                             
Incorporated in the Republic of South Africa                                    
(Registration Number 2004/025177/06)                                            
Share Code: IQG ISIN: ZAE000101622                                              
("IQuad" or "the Company" or "the Group")                                       
UPDATE ON DISPOSAL BY IQUAD OF ITS 90% EQUITY INTEREST IN IQUAD                 
VERIFICATION SERVICES (PTY) LIMITED                                             
Shareholders are referred to the SENS announcement dated 5 August 2011          
regarding the disposal by Iquad of its 90% equity interest in Iquad             
Verification Services (Pty) Limited to Messrs Trevor Hayter and Wade van        
Rooyen(collectively hereafter referred to as "the Purchasers") for the          
total purchase consideration of R1 500 000.                                     
Shareholders are hereby advised that an addendum to the disposal                
agreement, dated 7 November 2011, has been entered into between Iquad and       
the Purchasers, whereby the period for settlement of the outstanding            
purchase consideration in cash has been extended from 90 days to 180 days       
subsequent to the effective date of the disposal, being 1 August 2011.          
Accordingly the Purchasers now have until 31 January 2011 to settle the         
outstanding purchase consideration in cash, failing which the outstanding       
purchase consideration will be vendor financed by Iquad. The Purchasers         
have to date paid Iquad R900 000 of the total purchase consideration in         
cash and accordingly R600 000 is still outstanding of the total purchase        
consideration. The outstanding purchase consideration payable by the            
Purchasers will bear interest at prime interest rate plus 2% per annum          
from 1 August 2011 until date of payment.                                       
9 November 2011                                                                 
Port Elizabeth                                                                  
Corporate Adviser                                                               
PSG Capital (Pty) Limited                                                       
Designated Adviser                                                              
Questco Sponsors (Pty) Limited                                                  
Date: 09/11/2011 14:20:01 Supplied by www.sharenet.co.za                     
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