NVQ.ASX Responds to ASX Query on Coralia Acquisition and Divestment
Key points
- NVQ did not contemplate divestment of Non-Coralia Assets during Coralia acquisition
- Board decision to divest Non-Coralia Assets driven by emerging commercial opportunities
- CEO resignation due to divestment of his area of expertise
Full summary
NVQ.ASX has responded to an ASX query regarding the proposed divestment of its Non-Coralia Assets, clarifying that the divestment was not contemplated at the time of the Coralia acquisition. The Company explains that the acquisition of Coralia was intended as a complementary expansion of its existing business, and the decision to divest Non-Coralia Assets arose from emerging commercial opportunities in the biochar CDR sector. The CEO's resignation was a personal decision made in light of the divestment of the technology assets in which his expertise lies.
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