Genesis Research and Development Corporation (GEN.NZ) Share Purchase Plan Oversubscribed
8/12/2009 10:46:12 AM
Auckland, New Zealand, 12 August 2009 – Genesis Research and Development Corporation Ltd (NZSX/ASX: GEN) today confirmed that the Share Purchase Plan (SPP) which closed on 11 August has been oversubscribed. Total subscriptions were received under the SPP for 10,716,574 shares (NZ$643,000). The maximum number of shares available for subscription under the SPP was 7,838,040 shares (NZ$470,282.40). Accordingly, the SPP was oversubscribed by 37%. All applications will be reduced on a pro rata basis.
The NZSX Listing Rules limit the number of shares that can be issued under the SPP to 30% of the number of shares on issue prior to the SPP, which amounts to 7,838,040 shares (NZ$470,282 at the issue price of $0.06 per share). Shares will be issued and allotted on or about Friday, 14 August 2009, and the excess subscriptions of NZ$172,718 will be refunded to applicants. The holding statements / confirmation advice and the refund cheques will be posted before the end of next week (by close of business Friday, 21 August 2009).
Genesis Chief Executive, Stephen Hall, said, "It is very pleasing to see the level of support from shareholders. The funds raised will be used to support the gene silencing programme."