Australian-listed Frontier Capital Group has announced it has terminated an agreement to acquire a licence to operate the Mongolian National Lottery, according to a recent filing to the Australian Stock Exchange.
FCG said it had received a notice from the vendor saying that a number of conditions will not be satisfied within the period provided for in the agreement.
“The acquisition of the Mongolian National Lottery licence would have complemented the recent move by the Company to Gaming and Hospitality.” said FCG director Ram Navaratnam. “However, Frontier Capital has robust requirements that need to be met to minimize risks associated with acquisitions that the Company considers. In this instance those requirements have not been satisfied,” Navaratnam continued.
The termination will be effective upon receipt of A$1.5 million from the vendor, which the company had previously advanced toward the Cash Consideration.
Last month, FCG won shareholder approval for the acquisition of Hotel Stotsenberg and Casablanca Casino operating in the Clark Freeport Zone in the Philippines.