AFT was barking up the wrong tree with solar-powered pet outfits
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Struggling solar panel installer AFT Corp has dropped its plan to buy a solar-power pet products company.
The company signed a term sheet way back in November last year to buy half of Petbacker, but 13 months later it’s dumped the deal — and the $2m capital raising that was supposed to pay for it.
AFT Corp does, however, say it is still “committed” to giving pets the solar-powered collars and temperature-controlled garments they deserve.
Company secretary Julian Rockett said the ASX wasn’t open to the deal, and therefore they were never able to attempt to raise the necessary cash to pay for it.
He wasn’t sure when in the last 13 months the market operator indicated its displeasure, however.
Another deal goes south
AFT has also nixed a play to become an Indonesian banking service, saying the “pre-conditions necessary” for the deal to go through never happened.
In September, the solar panel company said it wanted to buy half of PT Mcash Majapahit Bahana Tunggal Ika (Mcash) for $1m.
The ASX promptly sent their shares into suspension so they could prove how a move from energy into Indonesian banking apps wasn’t a fundamental change in business activity.
Now that both non-solar options are off the table, AFT has “decided to place maximum effort to re-focused on finding a suitable commercial partner(s) in the solar market”.
What Chinese backer?
AFT was also supposed to collect $2.1m from a China-backed solar installer named NESI Solar, after signing an MoU with them in April.
NESI is an arm of Qingdao New Energy Solutions Inc, and no longer has a functional website.
Mr Rockett says the deal has been “bogged down in bureaucracy”.
AFT stock has been suspended since September.
The company has pared back its costs to make the most out of the remaining $211,000 it had left in September.