Heads of Agreement with My Money
The Directors of InfoChoice Limited would like to advise that the board of My Money Group Limited has informed the Directors of InfoChoice that it intends accepting the proposal from A.C.N. 098 387 252 Pty Ltd, a company owned and controlled by J. McNiven, to recapitalise My Money Group Limited as an alternative to the transactions envisaged under the Heads of Agreement dated 14th September 2001 between InfoChoice Limited and My Money.
The Directors of InfoChoice regret that the My Money Group have decided to give preference to this alternative proposal but believe that it would not be in the best interests of InfoChoice shareholders at this stage for InfoChoice to increase its own offer.
As a result of the decision made by the board of My Money Group, InfoChoice Limited has agreed to release My Money Group from the Heads of Agreement dated 14th September 2001 without penalty.