Invictus Energy (ASX:IVZ) ceased all discussions with Al Mansour Holdings and terminated an earlier subscription agreement with immediate effect, under which Al Mansour agreed to acquire a 19.9% stake in Invictus for an AU$37.8 million investment, according to a Tuesday Australian bourse filing.
The firms were unable to reach an agreement for a suitable structure allowing Al Mansour Holdings and certain other Qatari parties a pathway to become a 50% shareholder of Invictus.
Invictus alleged that certain proposed provisions among the terms and conditions being sought by Al Mansour Holdings were contrary to applicable Australian Securities Exchange listing rules as well as Australian Securities and Investments Commission regulatory requirements.
Its shares fell 53% in recent trading on Tuesday.