Golden Tower NZ Limited signed a conditional term sheet to acquire Lateral Corporation Limited (NZSE:LAT) in a reverse merger transaction on December 30, 2016. On February 23, 2017, Golden Tower NZ Limited signed a binding, conditional agreement to acquire Lateral Corporation Limited (NZSE:LAT) in a reverse merger transaction. Under the terms of the transaction, Golden Tower NZ Limited will subscribe for 463.41 million shares of Lateral Corporation Limited for a consideration of NZD 3.3 million, thus acquiring a 90% shareholding in Lateral Corporation Limited. The consideration comprises approximately NZD 1.6 million cash and a commercial property valued at NZD 1.6 million. On completion, the shares will be issued to Golden Tower NZ Limited and Lateral Corporation Limited will change its name. As of May 24, 2017, Golden Tower NZ Limited decided to inject additional NZD 1.6 million cash and removed the property consideration from the transaction. As a part of the transaction, Dene Biddlecombe and Robert McAuley will resign as Directors of Lateral Corporation Limited and Golden Tower NZ Limited will nominate two new Directors to join the Board. Joe van Wijk is intended to remain on the Board after the transaction has been completed. The transaction is subject to Lateral Corporation Limited obtaining all shareholder approvals, completing due diligence on Golden Tower NZ Limited, commercial property valuation and such other consents and approvals that may be required to undertake the transaction, including but not limited to those approvals that may be required in accordance with the Companies Act 1993, under the Takeovers Code, and the NZAX Listing Rules. As of August 7, 2017, shareholders of Lateral Corporation Limited approved the transaction. Golden Tower NZ Limited completed the acquisition of Lateral Corporation Limited (NZSE:LAT) in a reverse merger transaction on August 31, 2017. Lateral Corporation Limited issued 455.45 million shares and 7.96 million shares with voting right. As of December 22, 2017, name changed from Lateral Corporation Limited to Southern Charter Financial Group Limited has become effective.