Webcentral (ASX:WCG) - Managing Director, Joe Demase
Managing Director, Joe Demase
Source: CRN Australia
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  • Digital services company Webcentral (WCG) has signed a heads of agreement to surrender levels 22 and 23 at 680 George Street, Sydney
  • The lease was originally set to expire in November 2022, however, the new surrender date is on March 14, 2021
  • To surrender its lease, Webcentral will pay $435,000 and a contribution of approximately $500,000 will be made by the sub-lessor
  • If the surrender date occurs after April 1, the amount will be reduced
  • Following the surrender of the lease, Webcentral is expected to save $2 million per annum
  • Webcentral is down 8.87 per cent on the back of this news with shares trading at 56.5 cents

Webcentral (WCG) has signed a heads of agreement to surrender levels 22 and 23 at 680 George Street, Sydney.

The lease was originally set to expire in November 2022, however, the new surrender date is on March 14, 2021.

To surrender its lease, Webcentral will pay $435,000 and a contribution of approximately $500,000 will be made by the sub-lessor.

If the surrender date occurs after April 1, the amount will be reduced.

Following the surrender of the lease, Webcentral is expected to save $2 million per annum. In addition, the bank has guaranteed $1.74 million will be returned to the company.

This agreement is subject to the execution of a binding contract with the lessor and usual obligations.

Webcentral is an Australian-owned digital services company that supply more than 330,000 small and medium-sized businesses personalised and innovative services.

Its services include website development and hosting, domain management, online marketing, and office and productivity applications.

Webcentral is down 8.87 per cent on the back of this news with shares trading at 56.5 cents at 1:43 pm AEDT.

WCG by the numbers
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