Further to the ASX announcement on 25 November, 2005 regarding the agreement for Destra to acquire the Rajon Group I want to clarify the status of the transaction following from some inaccurate media reports suggesting the deal had been finalised on that date.
As previously disclosed, in addition to the various due diligence requirements of a transaction of this nature, Rajon and destra are yet to enter into Definitive Transaction Documents (including a Services Agreement with John Evans). Such documentation is required pursuant to the Memorandum of Understanding between Rajon and destra, and until these documents have been agreed upon by their respective lawyers and executed by both destra and Rajon, there is no binding commitment for either party to proceed to complete the deal.
Thankyou for your ongoing support of destra as we seek to expand our media interests.