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Edition Limited calls off acquisition of Israeli cybersecurity firm
KRANJI farm operator Edition has called off a planned acquisition of 51 per cent in the enlarged share capital of Israeli cybersecurity company Hyperlync, saying that the results of the financial, legal and operational due diligence "have not been satisfactory to the company".
The two mutually agreed to terminate a June memorandum of understanding (MOU) for the proposed acquisition on Tuesday, the Catalist-listed company said in a Singapore Exchange announcement following market close.
Edition had agreed to acquire 51 per cent of cybersecurity firm Hyperlync Technologies' enlarged share capital by extending a two-year credit facility of up to US$3.5 million, and also extended a bridging loan of S$1 million to Hyperlync.
In August, it extended an additional amount of S$687,500.
On Tuesday, the two agreed to extend the tenure of the loan to June 11, 2019 and it received S$13,700 from Hyperlync. The bridging loan is to be repaid by June 11.
The termination of the MOU is not expected to have any adverse material impact on the net tangible assets per share and earnings per share of the company for the year ended Dec 31.
Edition last closed at S$0.005.