- Benitec Biopharma (BLT) intends to transfer from Australia to the United States of America
- To execute this transfer, Benitec has entered into a scheme implementation agreement with Holdco, a new U.S. company
- Holdco will acquire all of the shares in Benitec and warrants listed on Nasdaq
- If schemes are implemented, Benitec will become a wholly-owned subsidiary of Holdco
- Benitec is currently down 17.4 per cent with shares trading for 3.8 cents apiece
Benitec Biopharma (BLT) has announced its intention to transfer from Australia to the United States of America.
To execute this transfer, Benitec has entered into a scheme implementation agreement with Benitec Biopharma (Holdco), a new U.S. company incorporated for the purpose of effecting the transfer.
Holdco will acquire all of the ordinary shares in Benitec and the warrants of Benitec that are listed on the Nasdaq Capital Markets by way of two separate schemes of arrangements.
Holders of Benitec shares will receive new Holdco shares in exchange for the Benitec ones and holders of the Nasdaq-listed Benitec Warrants will receive new warrants issued by Holdco on equivalent terms.
If the schemes are implemented, Benitec will become a wholly-owned subsidiary of Holdco and will be de-listed on the ASX and Nasdaq Capital Market.
Holdco will then apply for the Holdco shares and Holdco warrants to be listed on the Nasdaq.
The directors of Benitec believe that the transfer will streamline and reduce overhead costs of the group, particularly in respect of compliance, audits and insurance costs.
It will also enable the biopharma to align its corporate and operations structure considering that most of its current business and employees are already in the U.S., and provide access to a broader range of U.S. investors.
Benitec has engaged independent expert McGrathNicol to prepare the independent expert report for the scheme booklet.
Implementation of the scheme is subject to a number of conditions including approval by Benitec shareholders and warrant holders, court approval, and Benitec receiving all required regulatory approvals.
The scheme booklet is expected to be sent to Benitec shareholders in February/March 2020.
Benitec is currently down 17.4 per cent with shares trading for 3.8 cents apiece at 2:05 pm AEDT.