LMG said in a disclosure to the stock exchange said it received information from principal shareholders Ann Marrieta Sytin, Robinson Siao and Value Quest Securities Corp. that they terminated the share purchase agreement over the failure of both parties to close the transaction before the Aug. 31, 2023 deadline.
The parties agreed that the completion and closing of the transaction should be on Aug. 31 2023, or such later date as may be agreed by the parties. The failure to close the transaction is a ground for termination of the agreement, it said. Following the termination of the agreement, LMG asked the Philippine Stock Exchange to lift the trading suspension on the company’s shares.
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