APAC Coal Ltd has announced that the company has entered into a share purchase agreement to acquire the holding company of the Goyes Group. The acquisition was subject to a number of conditions, one of which was that the company re-comply with Chapters 1 and 2 of the ASX Listing Rules.
The company has been advised by the ASX that due to the structure and nature of the transaction, it is not likely that the new merged group will meet the ASX requirements. Consequently, the company will not proceed with the acquisition.