Inventis Limited (ASX:IVT) entered into the heads of agreement to acquire 80% stake in Open Projects Group from Kane McCarthy for $3.6 million on September 26, 2022. The cash consideration of $3.4 million will be funded through the company's own cash reserves of $1.0 million in 12 months and the initial component through external funding of $2.4million. The acquisition is subject to an exclusive 45-day Due Diligence and final Board and finance approvals. As of November 11, 2022, the due diligence period was extended by three weeks and the transaction is now expected to be completed on or about mid-January 2023. As of November 30, 2022, the due diligence period was extended to December 31, 2022 and the transaction is now expected to be completed on or before mid to late January 2023. As of January 27,2023, inventis reported they are progressing to legal due diligence and now the transaction is expected to complete on March 31, 2023. As of April 24, 2023, Given the perpetual delays the Board has formed a view that it is currently in the best interest of Shareholders not to pursue the vendor in this regard.

Inventis Limited (ASX:IVT) cancelled the acquisition of 80% stake in Open Projects Group from Kane McCarthy on April 24, 2023.