The GO2 People (ASX:GO2) has announced its business Skill Hire has agreed to convert the majority of the deferred consideration agreement into GO2 ordinary shares.
The purchase of Skill Hire was announced in April 2021, and included a deferred payment due from GO2 to the vendors of the Skill Hire business.
The vendors have agreed to accept 43% of the $3.51M Deferred Payment in cash before June 2023, and to convert the remaining 57% into GO2 shares subject to shareholder approval.
The GO2 People says this represents a step in de-leveraging the balance sheet, and a demonstration of the value the Skill Hire Vendors see in the GO2 business.