IODM Limited signs material variation to agreement  

IODM Limited (ASX: IOD) announced that it had signed a material variation to the contract with Western Union Business Solutions/Convera, earlier announced on 30 June 2021, related to the Education sector in the UK. Under the terms of the preliminary agreement, the company was to receive no less than 15% and up to 30% of WUBS’s revenue on payments that flowed via its system. After material variation to the agreement, the company’s share has been revised to a flat rate of 30% from 01 October 2022 onwards.

In conjunction, under the preliminary agreement, the company was to be paid its share of revenue by WUBS/Convera in the month after the end of the quarter. The company will now be paid monthly, significantly improving the company’s expected cash flow from 01 October 2022 onwards.

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