ISR reveals deal adviser's link to vendor in major acquisition
But it says it doesn't view his appointment at REO to be in conflict with the company's interest
Singapore
ISR Capital has revealed that it is taking advice on a major acquisition from a corporate adviser whose partner is also a director of the vendor in the deal, according to the company's replies to queries from Singapore Exchange (SGX).
ISR, which first announced a memorandum of understanding to acquire a stake in a Madagascan rare earths mining company from REO Magnetic on May 20, eventually agreed to take a 60 per cent stake in Tantalum Holding (Mauritius) through two sale and purchase agreements in June and July. The acquisition has yet to be completed, and ISR intends to pay for the Tantalum stake by issuing its own shares to REO.
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