Enprise Group increases iSell Pty Limited holding to 50.8%

Enprise Group increases iSell Pty Limited holding AUCKLAND, 27 May 2020 - Enprise Group (NZX: ENS) has increased it's holding in iSell Pty Limited to 50.8%. iSell Pty Limited ("iSell"), an associated entity of the Enprise Group, completed a rights issue today raising new equity of A$1,168,710 including A$435,000 cash from a new institutional investor. Funds are to be used to accelerate international sales. The Enprise Group Board decided to participate in the iSell rights issue and increase its holding to a control position (50.8%). iSell is therefore no longer classified as a joint venture for accounting purposes and has become a subsidiary of Enprise Group. Enprise Group subscribed A$708,834 pursuant to the iSell rights issue via the conversion of funds previously lent to iSell. The iSell Board has as part of this process agreed to appoint Enprise non-executive director, Nick Paul, to acting CEO to work alongside iSell founder/CTO Richard Beresford. iSell is a quoting system used by the information technology reseller market in Australia, New Zealand, South Africa, U.K. & Ireland. For and on behalf of the board, Elliot Cooper Chief Executive Officer End CA:00353788 For:ENS Type:GENERAL Time:2020-05-27 15:43:11