Solium Capital Inc. (SUM.TO) said Tuesday that it received notice from Computershare Ltd. that Computershare has decided to retain the stock options and restricted stock administration business that it acquired on December 31, 2011 from a third party.
The assets were acquired by Computershare as part of a larger acquisition of such third party's Shareowner Services business.
The asset purchase agreement dated November 7, 2010 between Solium and Computershare in which Solium acquired the assets that Computershare then held relating to the Employee Equity Options Administration business in North America provides that Computershare must not re-enter the business, or alternatively if Computershare does so, certain payment obligations owed by Solium to Computershare under a transition services agreement would no longer be owing and cease to be a liability of Solium.
Under the transition services agreement, Solium was required to pay Computershare U.S.$22 million over a five year period.
As Computershare has elected to re-enter the Employee Equity Options Administration business on a direct basis, Solium said it no longer owes to Computershare an aggregate amount of about U.S.$17.28 million.
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