Alphacomm Group B.V signed a conditional sale and purchase agreement to acquire Mi-Pay Limited from Mi-Pay Group plc (AIM:MPAY) for £1.1 million on December 18, 2019. Under the terms, Alphacomm will pay approximately £0.79 million in cash together with an undertaking from Alphacomm to fund Mi-Pay Limited to enable it to repay inter-company payables owing to Mi-Pay Group plc of approximately £0.3 million, such that total amount of £1.1 million being payable in cash on completion of the disposal. For the year ended December 31, 2018, Mi-Pay Limited had loss before tax of £0.54 million on revenues of £3.3 million. The audited total assets of Mi-Pay Limited were £5 million with net assets being £0.38 million. Alphacomm has indicated that it may seek the continued services of John Beale and Michael Dickerson to continue to run the business of Mi-Pay Limited following completion. The transaction will require the approval of shareholders of Mi-Pay Group at a duly convened general meeting. The transaction has been unanimously approved by Board of Directors of Mi-Pay Group. The transaction is expected to close on January 27, 2020. The proceeds of the disposal will be used to cover the costs of the disposal and costs of Mi-Pay Group until the Liquidation, expected to total approximately £0.14 million and to satisfy the existing liabilities within Mi-Pay Group of approximately £0.26 million. James Reeve and Asha Chotai of Allenby Capital Limited acted as the financial advisor for Mi-Pay Group. Henk Arnold Sijnja and Chris Wilson of DLA Piper Nederland N.V. acted as a legal advisor to Alphacomm Group B.V. Alphacomm Group B.V completed the acquisition of Mi-Pay Limited from Mi-Pay Group plc (AIM:MPAY) on January 27, 2020.