Bruce Carter and Martin Lewis of Ferrier Hodgson were appointed Administrators by the remaining US directors

We took control of the assets and continued the trading operations

We finalised the merger of the US subsidiary with another US entity to preserve the investment and minimise further funding requirements. A subsequent merger was also completed by us during the term of our appointment

The assets/equity was offered for sale by way of national advertisements

Accepted an offer from Cbio an unlisted Queensland biotech that was a restructure involving a Deed of Company Arrangement (“DOCA”), a creditors’ trust, an issue of capital and a convertible note facility

Numerous stakeholders required to approve and/or comment on the offer including creditors, government, directors and shareholders. Convening of Creditors meetings and Shareholders meeting

DOCA executed and Bruce Carter and Martin Lewis became the Deed Administrators