Total
0
Shares
Enegex (ASX:ENX) eyes $1.2M in exploration funding for South West Terrane
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Australian manufacturing business Inventis (IVT) has ended the deal to purchase two Queensland companies, Emtek Furniture and DesignSpace Commercial Furniture
  • Last December, the Australian manufacturing business paid a refundable deposit to purchase the two companies
  • The purchase was under due diligence, which was expected to be completed this month
  • IVT has not given any details as to why it is not going through with the deal but did say it will now look at other opportunities
  • On market close for the day, IVT is in the grey and trading ay 1.1 cents per share

Inventis (IVT) is not going ahead with its planned acquisition of two Queensland companies, Emtek Furniture and DesignSpace Commercial Furniture.

Last December, the Australian manufacturing business paid a refundable deposit to purchase the two companies.

IVT offered to purchase all of the shares in Emtek and DesignSpace for a total cash consideration of $400,000.

The acquisition was expected to be completed this month, following a due diligence.

However, IVT has now decided to end the agreement and not purchase the furniture companies. The company gave no details on why except that it will now pursue other opportunities.

"The group prides itself with the positive culture and dynamics it has developed, and a focus on return on investment is paramount to the success of the group. We will continue to strive to improve these key factors in everything we do in order to build shareholder worth," Managing Director Anthony Mankarios said.

On market close for the day, IVT is in the grey and trading ay 1.1 cents per share.

IVT by the numbers
More From The Market Herald
DroneShield (ASX:DRO) receives $900k order from major Govt. agency

" DroneShield (ASX:DRO) receives $2.3M multi-option payment from Middle East

DroneShield (DRO) has received $2.3 million of the remaining payment due on an order previously completed for a Middle Eastern Ministry of Defence.
Coventry Group (ASX:CYG) - Managing Director and CEO, Robert Bulluss - The Market Herald

" Coventry Group (ASX:CYG) acquires Fluid Power Services for $2.1M

Coventry Group (CYG) is set to acquire Tasmanian-based hydraulic equipment company Fluid Power Services (FPS).
Electro Optic Systems (ASX:EOS) - Group CEO, Dr Ben Greene - The Market Herald

" Electro Optic Systems (ASX:EOS) to up the ante in fight against space debris

Electro Optic System (EOS) has revealed its latest developments in laser technology, which could be used in the fight against mounting debris in
Tubi (ASX:2BE) - CEO and Managing Director, Marcello Russo - The Market Herald

" Tubi (ASX:2BE) faces quarterly turmoil amid flurry of board resignations

Pipe manufacturer Tubi (2BE) has been hit with resignations from key members of its board.