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

 


Genesis Research lacks funds, seeks legal advice on future

Genesis Research has ‘lack of funds’, seeks legal advice on future

Nov. 12 (BusinessDesk) - Genesis Research and Development, which in July abandoned plans to merge with an unlisted Australian company, is seeking legal advice and will make an announcement on its future amid a lack of funds to continue operating.

The company had its shares halted from trading on the NZX and ASX pending a statement.

In its notice to the ASX, it said the trading halt will end “when legal advice is received and an announcement is made about the future of the company due to the lack of funds for ongoing costs.”

The company suspended operations in May 2010 and laid off its entire staff. In July this year it placed 9.1 million shares, which it said gave it enough funds to remain listed while it considers further investments.

The shares last traded at 1.8 cents, valuing the company at $980,000, and have declined 40 percent in the past year.

In July, Genesis called off a proposed merger with Australia-based Mariposa Health, an unlisted public pharmaceutical development company.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Crown Accounts: Government Ekes Out Six-Month Surplus Of $9M

The New Zealand government eked out a tiny surplus in the first six months of the fiscal year as growth in domestic consumption lifted the goods and services tax take, while uncertainties over the Kaikoura earthquake costs meant expenses were less than expected. More>>

ALSO:

Almost 400 Jobs: Shock At Cadbury's Dunedin Factory Closure

Workers at Cadbury in Dunedin are reeling after learning this morning that the iconic Cadbury factory is to close, with the loss of almost 400 jobs... “The company had reported it was doing well and this has come out of the blue,” says Chas. More>>

ALSO:

Transport: Boards Of Inquiry For Auckland Roading Projects

Boards of Inquiry have been appointed to decide on two significant Auckland roading projects in a move which will get a decision by the end of the year, Environment Minister Dr Nick Smith and Conservation Minister Maggie Barry announced today. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news