StockMarketWire.com - Listed investment company Papillon Holdings said it had signed a non-binding agreement to acquire 50% of CarCloud, a fintech company focused on the used car market.

Papillion didn't put a value on the proposed deal.

It also announced that it had terminated discussions with Phestor, Greenway Activated Carbon and Phestor Denmark because it couldn't agree to satisfactory terms.

The company said it retained a significant equity interest in the companies and remained a creditor to them.

'Naturally, we are disappointed that the previous deal not [sic] come to fruition and would like to apologise to our shareholders; our focus in now on rapidly expediting this acquisition and lifting the trading suspension,' chief executive Charles Tatnall said.




Story provided by StockMarketWire.com