Genetic Technologies, ImmunAid Ltd. other news
At an extraordinary general meeting, Genetic shareholders approved a deal in which founder Mervyn Jacobson will exchange 75.9 million Genetic shares at A$0.08 per share for 4.5 million ImmunAid shares owned by Genetic - Genetic's entire stake in ImmunAid - at A$1.35 per share. Genetic is the majority shareholder of ImmunAid, a former subsidiary, currently holding a 45% equity stake. Under the agreement, ImmunAid will also grant Genetic 2.3 million three-year options to purchase an ImmunAid share at A$1.35, and Genetic will pay ImmunAid an option fee of A$500,000 ($466,500). Last December, Jacobsen disposed 30 million Genetic shares. Following the ImmunAid deal, Jacobsen's equity stake in the company will be 5.2% (see BioCentury, Jan. 6). ...