SYDNEY: Skyland Petroleum Group Limited notified a Deed of Settlement has been executed with Tisma HK Limited in relation to the unwinding and termination of the acquisition of Tisma Development (HK) Ltd.
On 18 December 2018 the Company acquired the issued capital of Tisma, which indirectly holds a mineral sand development company with operations in Indonesia. The Company has not been able to obtain regulatory approval to put its proposed resolutions in relation to a mineral sands acquisition and change in nature of its business to its shareholders.
As such, the Company is not in a position to further pursue its mineral sands business, as intended prior to the acquisition of Tisma. As a consequence, the Company and the Seller have agreed to unwind the Tisma acquisition and return the relevant consideration to each of the Company and the Seller with full release from any liabilities or obligations deriving from the acquisition and the agreement evidencing the acquisition.