Gemini Marine and Sillinger entered into a conditional agreement to acquire Sealegs Corporation Limited (NZSE:SLG) in a reverse merger transaction on December 20, 2016. Under the terms of the deal, Sealegs entered into a conditional agreement for the acquisition of a controlling interest of 70% in Sillinger from Groupe Marck for a price of €2.1 million on April 19, 2017. The consideration payable would be satisfied as to €1.5 million in cash and as to €0.6 million through the issuance of new Sealegs shares to Groupe Marck at a price of NZD 0.25 cents (€0.16 cents) per share. Sealegs has also entered into a conditional agreement for the acquisition of a 50.1% stake in Gemini for a price of $1.5 million (€1.4 million) on June 6, 2017. The consideration payable is intended to be satisfied by the issue of new Sealegs shares to the owners of Gemini at a price of NZD 0.25 cents (€0.16 cents) per share. The cash consideration due pursuant to the acquisition of the controlling stake in Sillinger will be met through a combination of the internal cash resources of the Sealegs together with the proceeds of a proposed placing of new Sealegs shares. Sealegs has decided to seek a further listing for the Sealegs’ shares on an additional stock exchange in Europe. The Board of Sealegs will be composed of Eric Series, Mark Broadley, Christopher Weir and Wayne Mapp. David McKee Wright and Roy Noura have resigned from the Board of Sealegs. The transaction is subject to completion of satisfactory due diligence, receipt of French regulatory and legal approvals, receipt of South African regulatory approvals and agreement of the final sales and purchase contract, shareholders agreement and approval of the shareholders of Sealegs Corporation Limited. The deal is expected to be completed around the Sealegs’ financial year ending March 31, 2017. As of April 11, 2017, the shareholders' meeting of Sealegs Corporation Limited will be held on April 28, 2017. The transaction is expected to close in the first half of the current financial year of Future Mobility Solutions Limited. Sealegs completed the acquisition of a controlling interest of 70% in Sillinger from Groupe Marck on August 14, 2017. Conversions were done using www.oanda.com. Gemini Marine and Sillinger cancelled the acquisition of Sealegs Corporation Limited (NZSE:SLG) in a reverse merger transaction on November 27, 2017. Sealegs Corporation Limited informed that due to the condition precedent relating to South African regulatory approval not being fulfilled within the time limited prescribed, that the agreement has expired. Accordingly, the acquisition will no longer proceed.