GroPep finally closes Biotech Australia chapter
Tuesday, 07 October, 2003
GroPep (ASX:GRO) has closed the book on its acquisition of Biotech Australia with the receipt of AUD$3.6 million final payment for the Roseville site.
CFO Tony Mitchell said the terms of last year's $10.1 million sale to property developers Macquarie Real Estate Equity Fund No 1 and an investment company of Denham Construction were set at about two-thirds payable up front with the remainder payable now.
He said that GroPep had effectively exited from the Biotech Australia acquisition, retaining some equipment and one project from the company.
At the time of writing, GroPep's share price had risen 14 per cent to $0.80.
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