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Broad Investments completes MyMac sale

Broad Investments completes MyMac sale

Apple reseller changes hands for the second time in 18 months

Apple reseller MyMac has been sold for the second time in 18 months after owner Broad investments put the proposed sell off to a shareholder vote on October 14.

Following the vote, the sale to one of the company’s original vendors, Steve Bardel, was completed on Friday, October 21 and included other reseller businesses Monstamac and MonstalPOS.

While no price was listed, previous indications by the investment group valued the sale at $150,000.

In a previous statement to the ASX, the company said that, while the consideration for the sale of the businesses is $50,000 less than the acquisition cost, Broad Investments has received an additional $79,150 from MyMac since it was acquired.

This figure represents a net marginal profit of $29,150 to the proposed sale, the company said at the time.

As part of the sale of the three businesses, more than 500 million ordinary shares in broad investments and 25 million options were cancelled.

As part of the sale deal Bardel resigned his position as a director of Broad Investments effective October 21, 2016.

Prior to the sale, Bardel and Broad Investments’ non-associated directors, were embroiled which resulted in Bardel commenced proceedings in the NSW Supreme Court against the company in November 2015.

Both parties have now executed consent orders for dismissal of court proceedings.

The company said that it will turn its focus to growing its telco business and actively resume a search for further acquisition opportunities.

The company completed a deal to acquire MyMac, Monstamac, and another business, Monstapos, in April, 2015, for a cash price of $200,000 plus an additional $145,000 in instalments.

At the time of writing, Broad Investments share price stood at $0.002.

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