Top Scoops

Book Reviews | Gordon Campbell | Scoop News | Wellington Scoop | Community Scoop | Search

 

Botry-Zen changes mind about delisting

Botry-Zen changes mind about delisting, will shift to NZAX

Dec. 15 - Botry-Zen Ltd., the unprofitable maker of biological control agents that was going to delist from the NZX and put its shares on the Unlisted platform, said it will now seek to move to the NZAX market for small caps.

The company made the decision after discussions with the NZX. Moving from its main board to the NZAX “offers material cost savings and increased flexibility, while ensuring continuing transparency to shareholders and best governance practice,” it said in a statement.

The biotech company had to quickly find a sympathetic investor this year after production of its BOTRY-ZEN product was disrupted by manufacturing glitches and it appealed unsuccessfully to existing shareholders for more cash. Claus Hartge, a Hamburg-based businessman, came to the rescue by agreeing to buy 10.4 million shares at 2 cents apiece.

Today, the company said it appointed Stephen Lorimer as general and technical manager starting next year.

Last month, the company posted a first-half loss of NZ$1.2 million, from a loss of NZ$544,000 a year earlier and said it still needs more capital.

The companywas set up in 2001 to develop and commercialise biological control agents. It owns an exclusive licence to technology developed with the Horticulture Food Research Institute of New Zealand, Winegrape Tech and Zenith Technology Corp.

The stock last traded on Dec. 3 at 1.7 cents and is down 58% this year.

(Businesswire)

ENDS

© Scoop Media

 
 
 
 
 
Top Scoops Headlines

 

Scoop HiveMind Project: Universal Basic Income - Are We Up For It?

This is an opportunity for you as one of the 4 million potential funders and recipients of a Universal Basic Income to collectively consider the issue:
1. Is UBI is a desirable policy for New Zealand; and
2. How should a UBI system work in practice. More>>

ALSO:

Lyndon Hood: National Announces Plan To Hit Youth With Big Mallets

The National party has announced its youth justice policy, which includes a controversial plan for recidivist serious youth offenders to be hit over the head with a comically large rubber mallet. More>>

ALSO:

Lyndon Hood: This ->

It's been brought to my attention that Labour's new campaign slogan is "Let's do this". A collective call to action. A mission. I myself was halfway out of the couch before I realised I wasn't sure what it was I was supposed to do. More>>

ALSO:

Scoop Hivemind Report: What New Zealanders Think About Affordable Housing

Ordinary citizens have had very few venues where they can debate and discuss as to what they believe has led to the crisis in affordable housing and how we might begin to address this. The HiveMind on affordable housing was about redressing the balance. More>>

ALSO:

New Hivemind Exploration: Opening The Election - Freshwater Quality

This is an opportunity for you as one of the 4 million guardians of our common water resources to help us find mutually agreeable solutions to the critical task of collectively managing these resources for health and sustainability. More>>

ALSO: