28 Apr 2015

NZF will not buy Inventory Tech

1:59 pm on 28 April 2015

Financial services shell company NZF Group said it will not be buying Inventory Technologies, ending plans for a reverse listing of the Christchurch-based high tech company.

In a statement to the NZX, NZF said Inventory Technologies cancelled the deal it struck last December, citing commercial reasons.

NZF was planning to transform itself through the deal, which would have resulted in a backdoor listing of Inventory Technologies.

NZF said it could not provide any detail about the termination of the agreement because it was confidential, though it did say that it was extremely disappointed with the outcome.

NZF chair Sean Joyce said the board would be meeting this week to discuss NZF's future.

Mr Joyce said the board would look at going ahead with a proposal to distribute NZF's funds to the holders of the NZF Capital Notes.