Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

ICPbio Has Further $2.152 Million Debt Reduction


ICPbio Has Further $2.152 Million Debt Reduction

Statement made by Dr Earl Stevens, Managing Director, ICP Biotechnology Limited


ICP Biotechnology is pleased to announce that it has placed a Convertible Note (equity) with DEC International (NZ) Limited for $1.5 million.

Under the terms of this Convertible Note DEC will have the right to convert to ordinary shares of ICP Biotechnology Limited post 31 December 2006 and the final date for conversion is the 31st July 2008.

In addition, DEC has subscribed for 2,608,000 ordinary ICP shares, paying $652,000 which equates to a share price of 25 cents per share.

These transactions reduce the original debt to DEC from $2.752 million to $600,000, repayable July 2007 although they have the option to convert this to ordinary ICP shares post 31 December 2006, should they choose to.

At the Special Meeting held 5th May 2006, the shareholders approved the issue of Preference Shares for $4.5 million in replacement of a term loan, as set out in the notice of meeting.

This overall conversion of debt to equity has now reduced ICPbio’s term debt by over $6.6 million and strengthened its balance sheet considerably. The overall term debt for the company is now approximately half of what it was at the beginning of May.

This comes on top of the just announced NZ$18,175,540 disposal of the old APH Group ‘The Escarpments’ project which will settle on or before the 23 June 2006.

ICPbio is one of New Zealand's longest established biotechnology companies. It manufactures and markets products for use in animal reproduction, animal health care and the fine biochemicals field. ICPbio's vision is set on becoming a leading global manufacturer of quality biological products for the biotechnology, animal and human pharmaceutical industries. Nearly 100% of its products are exported, primarily to North America and Europe, with increasing amounts to Asia and South America.

Ends


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Voluntary Administration: Renaissance Brewing Up For Sale

Renaissance Brewing, the first local company to raise capital through equity crowdfunding, is up for sale after cash flow woes and product management issues led to the appointment of voluntary administrators. More>>

Elsewhere:

Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:

Media Mega Merger: Full Steam Ahead For Appeal

New Zealand's two largest news publishers have confirmed they are committed to pursuing their appeal against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>