Starland's reverse takeover of fintech firm Ayondo lapses

Starland's reverse takeover of fintech firm Ayondo lapses

PC Lee
25/09/17, 10:00 pm

SINGAPORE (Sept 25): The $158 million reverse takeover deal of fintech Ayondo property firm by Starland Holdings has lapsed.

In a Monday night filing, Starland says this was because conditions under the proposed deal have not been met or waived by the long-stop date of Sept 23.

It was on June 20 2016, that Starland entered into the RTO deal with Ayondo.

See: Fintech Ayondo to list on SGX through $158 mil reverse takeover of Starland

Ayondo is a financial technology group that provides social trading services and brokerage services for both business-to-consumer (B2C) and business-to-business (B2B) for contracts for differences (CFDs).

Starland, the developer of properties in Chonqing, China, said the acquisition was in line with its diversification strategy into the fintech business, which would allow it to achieve a more consistent and sustainable financial growth.

Had the deal been completed, the acquisition consideration of $158 million would have been fulfilled through the issuance of new Starland shares at 18.7 cents each.

In a separate filing on Monday morning, Starland also announced it is in negotiations with Ayondo over some $992,000 in expenses over the failed deal.

Starland disclosed that expenses of about $2.48 million were incurred by the group and Ayondo in connection with the proposed acquisition.

Out of the $2.48 million, $992,000 were expenses incurred by Ayondo which was to be recovered.

Shares in Starland closed at 12.1 cents on Monday.

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