Mission NewEnergy back to square one after failed reverse takeover
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Mission NewEnergy remains on a mission to find a reverse takeover partner after a failed attempt to acquire building material manufacturer AUS Group.
The renewable energy company (ASX:MBT) remains in suspension after it terminated the agreement, conditional on the restructure of the SGX-listed AUS business.
“The transaction required AUS to complete the re-structure of AUS business operations and complete a pre-RTO (reverse takeover) funding round to meet immediate growth working capital requirements,” Mission told the market late on Friday.
“AUS has not been able to fulfil these requirements.”
MBT’s only asset is a 20 per cent equity stake in a South-East Asian refinery, a project to refurbish which has been stalled due to weak demand for palm based biodiesel in the US and Europe.
That leaves MBT with no viable business and so it continues on the hunt for RTO opportunities.
The company was suspended from trade in August last year, and last traded at 3.6c.
December’s quarterly reported $270,000 in the bank, with an estimated $40,000 in outgoing for the coming quarter.