I’s dotted and t’s crossed on BresaGen restructure
Wednesday, 26 May, 2004
The administrators of Adelaide biotech BresaGen (ASX:BGN) today formalised the agreement the company has made with Queensland-based public unlisted biotech company CBio by executing a Deed of Company Arrangement for the restructure of the company.
Bruce Carter, of administrators Ferrier Hodgson, said that under the restructure creditors would receive 100 cents in the dollar. An independent expert is currently preparing a report on the fairness of the deal, which will be issued to shareholders in June. Shareholders will then have an opportunity to approve the deal at a meeting in July.
“It is most unusual for companies going into administration to pay their creditors in full,” said Carter. “The good news for shareholders is that they will have some value restored -- as BresaGen will ultimately be relisted.”
BresaGen went into voluntary administration in January after investment bank CM Capital terminated negotiations that would have seen the company's protein pharmaceuticals group spin off as a separate entity.
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