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

 

Fisheries: Report On Underrsize Snapper Catch

The report found that commercial fishers caught 144 tonnes of undersized snapper in the Snapper 1 area – about 3% of the total commercial catch – in the year ending February 2015. The area stretches from the top of the North Island to the Bay of Plenty and is one of New Zealand’s most important fisheries. More>>

ALSO:

Tourism: China Southern Airlines To Fly To Christchurch

China Southern Airlines, in partnership with Christchurch Airport and the South Island tourism industry, has announced today it will begin flying directly between Guangzhou, Mainland China and the South Island. More>>

ALSO:

Dodgy: Truck Shops Come Under Scrutiny

Mobile traders, or truck shops, target poorer communities, particularly in Auckland, with non-compliant contracts, steep prices and often lower-quality goods than can be bought at ordinary shops, a Commerce Commission investigation has found. More>>

ALSO:

Auckland Transport: Government, Council Agree On Funding Approach

The government and Auckland Council have reached a detente over transport funding, establishing a one-year, collaborative timetable for decisions on funding for the city's transport infrastructure growth in the next 30 years after the government refused to fund the $2 billion of short and medium-term plans outlined in Auckland's draft Unitary Plan. More>>

ALSO:

Bullish On China Shock: Slumping Equities, Commodities May Continue, But Not A GFC

The biggest selloff in stock markets in at least four years, slumping commodity prices and a surge in Wall Street's fear gauge don't mean the world economy is heading for another global financial crisis, fund managers say. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news