Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • 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.

BLT by the numbers
More From The Market Herald
Advanced Human Imaging (ASX:AHI) - CEO, Vlado Bosanac

" Advanced Human Imaging (ASX:AHI) advances Meta-Twin for digital health assessments

Advanced Human Imaging (AHI) has announced the advancement of its Meta-Twin offering, a real-time, on-screen digital health assessment.
Advanced Human Imaging, AHI- CEO and Co-Founder Vlado Bosanac

" Advanced Human Imaging (ASX:AHI) appoints Edward F. Greissing Jr. to board

Advanced Human Imaging (AHI) has appointed Edward F. Greissing Jr. to board effective from November 30, 2021.
APM (ASX:APM) - CEO, Michael Anghie

" APM Human Services (ASX:APM) expands, acquiring Lifecare

APM Human Services International (APM) has acquired physiotherapy and home care group Lifecare for $68 million.
Resonance Health (ASX:RHT)

" Resonance Health (ASX:RHT) submits LiverSmart to FDA

Resonance Health (RHT) has submitted its LiverSmart device to the Food and Drug Administration (FDA) for US regulatory clearance.