Path Investments cancels proposed acquisition of German gas assets
Source - SMW
Private equity group Path Investments said it would no longer proceed with the proposed acquisition of a 50% stake in a German natural gas field.
The deal to acquire the interest in the Alfeld-Elze II licence and gas field was to be partly funded by a share placement.
'However, in spite of encouraging institutional investor demand, it was not possible to reach agreement with the vendors with regards to a transaction structure and timing that would have satisfied the interests of all parties,' the company said.
The deal would have been classified as a reverse takeover, so the company's shares had been suspended from trading since December.
'It is the company's intention to seek removal of the official list suspension as soon as practicable,' Path Investments said.