Inventory Technologies abandoned the reverse listing offer which would have seen NZF paying $5 million to acquire 100 per cent of the Christchurch-based healthcare technology business.
NZF Group, the listed financial services company blocked from liquidating last year by its major noteholder, is mulling liquidation again, after plans to sell its listed shell for a reverse listing failed a second time.
Inventory Technologies abandoned the reverse listing offer, citing commercial reasons, which would have seen NZF
paying $5 million, via the issue of 20 million new shares at 25 cents apiece, to acquire 100 per cent of the Christchurch-based healthcare technology business, the Auckland-based shell company said.
Read more:
• Tech firm in reverse listing
• NZF Group faces liquidation
NZF's board are now considering developing "a proposal which results in the distribution of NZF's funds to the holders of the NZF Capital Notes in a timely and cost effective manner," the Auckland-based company said in a statement.
"The board is extremely disappointed with this outcome," and is bound by confidentiality agreements from giving any further detail on why Inventory Technologies backed out, the company said.
