AVANTOGEN VOTES ON 215m OPARA-DILUTING SHARES, NAME CHANGE
October 20th 2008 03:03
Friday October 17, 2008
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AVANTOGEN
Avantogen’s annual general meeting will vote on the prior and potential issue of 215,421,387 shares and 20,000,000 options and a name change to Acuvax Limited.
Avantogen shareholders will vote to ratify the prior issue of 42,421,387 shares to existing shareholders and in a placement and 20,000,000 options to brokers BBY for managing the placement.
The company has also proposed that 150,000,000 shares be made available for future placements.
The meeting will consider the issue of 10,000,000 shares to chief executive officer Dr William Ardrey, with 6,000,000 shares for director Patrick Elliott, 4,000,000 for Yvonne Foong, 2,000,000 for David Sanders and 1,000,000 shares for company secretary Phillip MacLeod.
Avantogen said the milestone-dependent share issue to directors and the company secretary was “in recognition of the fact that the company does not generate revenues and does not have sufficient cash reserves to remunerate the directors and company secretary at a market rate in cash”.
Should major shareholder Dr Richard Opara and his related companies Chopin One and Chopin Holdings not participate in any of these share issues, his holding would be reduced from the 75.68 percent cited in his substantial shareholder statement of September 12, 2008, to 55.0 percent.
Dr Opara owns 449,927,500 Avantogen shares of the total issue of 602,376,179 shares.
Dr Ardrey told Biotech Daily that Dr Opara had made the transition “from strategic investor to a financial investor” indicating that Dr Opara was unlikely to be involved in further share acquisitions.
Shareholders will also vote on the re-election of Mr Elliott as a director.
The meeting will be held at 3 Spring Street, Sydney, New South Wales on November 20, 2008 at 9am.
Avantogen was unchanged at 4.2 cents.
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