Future Mobility Solutions Limited (NZSE:FMS) entered into a conditional agreement to acquire Lancer Industries Limited for NZD 1 million on July 24, 2017. Under the terms of the transaction, NZD 0.4 million of the purchase price shall be paid in cash while the remaining shall be satisfied by the issuance of common stock of 4.1 million shares of Future Mobility Solutions Limited. The new shares will be issued following the satisfaction of post-settlement conditions. Part of the consideration is also contingent upon the share price for two years after the acquisition. The cash consideration due pursuant to the acquisition will be met from the internal cash resources of Future Mobility Solutions Limited. Completion of the transaction is subject to a number of conditions, including agreement of the final sales and purchase contract. The transaction is expected to be completed prior to September 30, 2017.