Trading at Cash of .019c/share.. Due to make an announcement prior to end of Dec:
POST REPORTING DATE EVENTS On 20 October 2017 the Company announced that it is actively reviewing a number of possible options whereby a new technology might be acquired and/or merged into the business and it hopes to make a defintive statement about the Company's future prior to 31 December 2017. The future operations and financial statements will depend on the outcome of this review. The Company decided that day to day drug manufacturing and research cannot realistically continue. As a result these physical operations, which are all based in Auckland, are being closed down. Staff involved in these operations have been given termination notices. Redundancy and retention payments of $176,200 have not been included in these accounts as they were not finalised as at 30 September 2017. However, they were finalised post 30 September 2017 and are expected to be paid prior to 31 December 2017.
Further, all plant & equipment and other fixed assets will be disposed of and the Company will also vacate the leasehold premises. The Company has negotiated the exit of these premises, without incurring restoration and make good costs, and will leave the majority of it's fixed assets on exit without compensation for such assets. As such, a provision of $148,231 was made for impairment of these assets in these accounts.
No other circumstances have arisen since the end of the financial period which will significantly affect the operations of the economic entity, the results of those operations or the state of affairs of the economic entity in subsequent periods.
I only know this due to white entitlement, clearly.
