Efficient Group Limited (JSE:EFG) entered into an agreement to acquire ARX Investment Partners (Pty) Ltd from Exceed Group Limited, Pangaia Investment Partners AG and Pieter de la Rouviere Stead for approximately ZAR 120 million on April 7, 2015. Efficient Group Limited will execute this purchase of shares in two phases over a three year period by dividing the total issued share capital into two categories comprising A shares, being ordinary no par value shares with full voting rights, carrying rights associated with the business and profit derived by ARX from financial service providers in which ARX has a controlling interest as at March 1, 2015 and B shares, being ordinary no par value shares with no voting rights, carrying rights associated with the business and profit derived by ARX from financial service providers other than internal FSPs. Efficient will purchase from the sellers, 71.127% of the issued A shares for a purchase price payable in cash in tranches of ZAR 15 million on the date on which all the conditions precedent have been fulfilled or waived, as the case may be (which date is expected to be 30 April 2015), ZAR 15 million on September 1, 2015, ZAR 15 million plus 25% of annual profit after tax of the ARX group attributable to internal FSPs for the 12 month period ending February 28, 2016 less ZAR 14.46 million, on March 1, 2016, ZAR 15 million plus 25% of annual profit after tax of the ARX group attributable to internal FSPs for the 12 month period ending February 28, 2017 less ZAR 15.91 million on March 1, 2017 and 25% of annual profit after tax of the ARX group attributable to internal FSPs for the 12 month period ending February 28, 2018 less ZAR 18 million on March 1, 2018. Efficient will purchase the remainder of the A shares for a purchase price equivalent to the market value of such A shares as at that date, payable in cash, which will be calculated as 7 x profit after tax of the ARX group attributed to the A shares calculated with reference to the 12 month period ending February 28, 2018. Efficient will purchase all B shares for a purchase price equivalent to the market value of such B shares as at that date which will be calculated as 4.5 x profit after tax of the ARX group attributed to the B shares calculated with reference to the 12 month period ending February 28, 2018. The B share purchase price shall be settled 90 days following the effective date of the company’s purchase of the B shares, being March 1, 2018 , by the pro rata allotment and issue of Efficient shares to each of the sellers. The purchase price payable in respect of converted FSP B shares, if any, shall be settled on the Phase 2 completion date, as to 65% thereof by way of the allotment and issue of consideration shares to each of the sellers, with the remaining 35% thereof payable in cash to the sellers. As in June 2018, Efficient Group Limited made the final payment to all shareholders of Select Manager (Pty) Ltd. The transaction is subject to a new memorandum of incorporation, a shareholders agreement between the parties, in relation to their shareholding in ARX, the parties obtaining and/or fulfilling any other regulatory requirements. As on April 27, 2015, 70% stake was acquired the remaining is expected to close in 2018. Efficient Group Limited (JSE:EFG) completed the acquisition of Select Manager (Pty) Ltd from Exceed Group Limited and Pangaia Investment Partners AG in June 2018.