This included a failure to reach an agreement on “the terms of a material adverse change condition (and any impact of COVID-19 on that condition)”, iSelect said in a statement.
The company’s share price has slipped 60 per cent so far this year. The business announced moves to reduce its cost base in April and its board and executives are taking pay cuts in a bid to weather the uncertainty caused by the pandemic.
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iSelect’s management said on Monday that despite the interruptions caused by the pandemic, it was confident there was positive news on earnings. The business brought in $1.5 million in July, an increase of $600,000 the year before, management said in an update.
The company also confirmed that it had sold its investment in iMoney, the Malaysian based comparison site, back to one of the founders of iMoney for a “nominal value”.
ISelect chief executive Brodie Arnhold said the decision would help “stem the losses” iMoney had been incurring.
ISelect had been trying to offload its stake over the past few months, but coronavirus also put a pause on any sales given how the pandemic had further hit iMoney’s operations.
