XML 41 R30.htm IDEA: XBRL DOCUMENT v3.20.4
Subsequent Events
 6 Months Ended
Dec. 31, 2020
Subsequent Events [Abstract]  
Subsequent Events

23. Subsequent events

 

Disposal of entire 35% interest in Bank Frick

 

On February 3, 2021, the Company entered into a share sales agreement with the Frick Family Foundation (“KFS”) to sell its entire interest, or 35%, in Bank Frick to KFS for $30 million. The parties also agreed that the Company will pay $3.6 million to KFS to terminate all existing arrangements with Bank Frick and settle all liabilities related to IPG’s activities with Bank Frick, and this amount will be set off against the first payment made by KFS in February 2021. KFS will pay $15.0 million within two days from signing, which comprises $18.6 million less the $3.6 million referred to earlier, $7.5 million on October 30, 2021, and the remaining amount, of $3.9 million on July 15, 2022. The parties entered into a security and pledge agreement under which KFS pledged the Bank Frick shares purchased as security for the amounts outstanding under the share sales agreement.