HLO has been unable to reach agreement with the AOT shareholders on acceptable terms and as a result has terminated discussions with immediate effect. The terms of the transaction would have resulted in the vendors of AOT becoming significant minority shareholders in HLO. The Board of HLO has unanimously concluded that the strategic and financial merits of the acquisition on the terms proposed were insufficiently compelling to warrant proceeding with the transaction.
HLO remains focused on its existing strategy and is making strong progress to future proof its business and drive returns for shareholders, agents, industry partners and consumers
The search process for appointing a new CEO is ongoing and HLO will update the market in due course.