Solo was to issue shares worth $750,000 to Obtala as part of its acquisition price, which executive director Neil Ritson described at the time as an “exciting opportunity”.
But in an announcement released to the London Stock Exchange, Solo said the heads of agreement signed between the two companies had been terminated by mutual agreement.
Obtala said administrative delays in due diligence had precluded completion of the deal by the expected time of late January 2012, and rather than continue, both parties had decided to wrap the plan up.
