Asset sale clears the way for Benitec

Gene silencing technology specialist Benitec is tidying up a corporate structure whose complexity led the company to miss an ASX reporting deadline in October.

It has disposed of two mining company subsidiaries and has also wound up a dormant UK subsidiary, Ag-gene.

The assets were related to Queensland Opals, a vehicle which was used in the listing process of then-privately held company Benitec Ltd (United Kingdom).

One Queensland Opal subsidiary, Worldmin, has been disposed of through a management buyout. The remaining one, Berryman Opal Resources Australia, has been wound up.

The transactions have been completed for an undisclosed amount of cash and debt transfer which will recover for Benitec the book value of the mining assets as at June 30, 2002.

The complicated mix of entities contributed to Benitec's October failure to file its annual report on time and led to a temporary suspension of its listing.

The sale clears the way for Benitec to concentrate on developing and commercialising its gene silencing technology, according to the company.

"We are most of the way there now and by the middle of the next year we will have a much simpler structure," said acting MD Dr James Anderson.

Benitec has yet to make any announcement about the results of a recent trip to Europe by executive chairman John McKinley to talk with prospective strategic partners.

However the company believes it "should be able to complete licensing deals in the new year," Anderson said.