Acquisition of Cirralto Business Services Pty Ltd (Refer to note...

Acquisition of Cirralto Business Services Pty Ltd

(Refer to note 4 of the financial report)

On 7 September 2017, Cirralto Ltd (previously known as Motopia Limited) acquired 100% of the shares in Cirralto Business Services Pty Ltd for purchase consideration of $5,035,000.
The accounting for an acquisition of a business is complex and the accounting standards require the Group to identify all assets and liabilities of the newly acquired subsidiary and estimate the fair value of each item. The fair value of these items may be significantly different to the historical cost which had been previously recorded by the acquired business. The items also may not have met the recognition criteria under accounting standards.

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