The Citadel Group Limited Provides Release Of Voluntary Escrow Restriction

  • Jan 04, 2019 AEDT
  • Team Kalkine
The Citadel Group Limited Provides Release Of Voluntary Escrow Restriction

The company advises that 2,714 fully paid ordinary shares currently held under voluntary escrow are being released on 18 January 2019. To divest the Gruden government business to Jakeman Business Solutions Pty Limited ACN 101 963 240 which is a wholly-owned subsidiary of the Citadel Group Limited IncentiaPay Limited announced to the market on 3 December 2018 of its entry into a binding agreement. By way of the sale of all the shares in Gruden Pty Ltd, IncentiaPay is pleased to confirm it has completed the divestment of the government business on the terms previously disclosed.

IncenitaPay recently confirmed the acquisition of the government business of Gruden Pty Ltd, and it has been completed further to the announcement on 03 December 2018. The Gruden’s government business as noted previously currently supports the following software asset and technology as Federal Government – 1) Austender eProcurement Platform and Grants Management systems and Managed Services Infrastructure 2) Records Management and Managed Services Infrastructure from Victorian Government 3) eProcurement Platform from New South Wales Government.

To divest the Gruden government business to Jakeman Business Solutions Pty Limited, the sale agreement between them is structured as a share sale of all the shares in Gruden Pty Ltd ACN 602 396 654. Including the Performance Marketing, Enterprise Software, and MobileDen business units will be retained by IncentiaPay and any assets not related to the government business. With 75% payable on completion and the balance paid subject to a working capital adjustment the government business will be sold for a total consideration of $1.65m in cash. At the IncentiaPay AGM on the 19th of November 2018, the company’s intention to divest the asset was disclosed to the market and is in line with previously stated company strategy to focus on longer-term growth opportunities and divest its non-core operations.

As the company continue to perform on their strategy of managing information in complex environments, the acquisition of Gruden provides Citadel with panel arrangements that they will leverage into new areas of private industry and government and valuable new SaaS platform capabilities. Citadel’s available cash has been used to fund the transactions and will be immediately earnings accretive.

The Citadel Group Limited (ASX: CGL) traded lower by 0.414% at the market price of $7.210. Over the 12 months, the stock has seen a performance change of 13.30%, and the current market capitalization of the stock is at $356.64 million. The stock has a P/E of 19.650 and EPS of 0.368 AUD, and the annual dividend yield of the stock is 1.91%.


This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.


All pictures are copyright to their respective owner(s) does not claim ownership of any of the pictures displayed on this website unless stated otherwise. Some of the images used on this website are taken from the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image.


There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.

Are you wondering if the year 2020 might not have taken the right start? Dividend stocks could be the answer to that question.

As interest rates in Australia are already at record low levels, find out which dividend stocks are viewed as the most attractive investment opportunity in the current scenario in our report.

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK