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.
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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.