LONDON (Alliance News) - Global Invacom Group Ltd said it has terminated its USD200 million acquisition of Tactilis Sdn Bhd.
Satellite communications equipment provider Global Invacom said the termination was mutual and resulted from "difficulties in fulfilling all of the conditions precedent" under the sale and purchase agreement.
The acquisition of Malaysia-based biometric technology company Tactilis was announced in October and has been terminated with immediate effect.
Fees, costs, and expenses will all be split evenly between Global Invacom and Tactilis and the USD20 million break fee has been mutually waived.
The proposed subscription of convertible notes with a 5.0% coupon rate, which would have been issued by Tactilis, has ceased and the proposed issue of unsecured redeemable convertible notes with a 1.0% coupon rate has been allowed to lapse.
Global Invacom said the mutual termination is not expected to "have any material adverse impact on the consolidated net tangible assets per share and earnings per share of the company and the group for the financial year ending 31 December 2019".
Shares in Global Invacom were untraded at 5.20 pence on Tuesday.