Seafolly Holdings Pty Limited entered into a binding sale agreement to acquire Jets Swimwear PTY Limited from The PAS Group Limited (ASX:PGR) on August 10, 2020. The Transaction ensures the continued employment for up to 7 employees. The net proceeds of the Transaction will be applied firstly towards priority claims from employees and the voluntary administrators’ trading costs, then towards satisfying a portion of the claims by the sole secured finance creditor of Jets Swimwear Pty Ltd. The transaction is expected to close on or before August 10, 2020.