Genesis R&D Lists Tomorrow on NZSE and ASX

Published: Thu 21 Sep 2000 05:48 PM
Genesis Research and Development
Lists Tomorrow on NZSE and ASX
AUCKLAND, New Zealand – 21 September 2000 – Leading Biotechnology company, Genesis Research and Development Corporation Limited (ASX: GEN, NZSE: GEN), today announced that trading in Genesis shares is expected to commence at 10.00 am [New Zealand time] on the NZSE and at 10.30 am [Sydney time] on the ASX.
Genesis CEO, Jim Watson, said that strong support shown by institutional and retail investors in Genesis had resulted in the offer being significantly oversubscribed.
“The demand for Genesis shares by some of the region’s largest institutional investors, in what can only be described as an extremely challenging market, is particularly pleasing.”
Following the offer and allotment of 5,750,000 new shares in Genesis, approximately 24.7 million ordinary shares will be on issue on the New Zealand and Australian Stock Exchanges. The issue price was NZ$6.00 or A$4.60.
“Strong support was received from existing domestic institutional and retail shareholders,” said Dr Watson. “However we were particularly pleased with the equally strong response from new retail and institutional investors in New Zealand and, importantly, Australia. The register now includes some of the largest fund managers in New Zealand and Australia.
“To achieve a price of NZ$6.00 is an outstanding result in very tough market conditions,” he added. “While unfulfilled demand demonstrated that we may have achieved coverage at higher pricing levels, we are confident that the approach that we took has assured Genesis of a strong and stable share register.”
The offer was managed by UBS Warburg New Zealand Limited and the organising broker was UBS Warburg New Zealand Equities Limited.
About Genesis
Genesis is a biotechnology company based in Auckland, New Zealand, with genomic programmes in human health, forestry and agriculture. Genesis builds EST databases that provide the genomic platform for discovery of novel genes with commercial value and has considerable experience and expertise in high-throughput DNA sequencing, functional genomics and development of therapeutics. Partnerships with biopharmaceutical, agricultural, horticultural and forestry companies have been important for funding research to effectively develop potential products. In addition to the extensive forestry gene technology, Genesis has a psoriasis therapeutic, PVAC™, in FDA-approved Phase II clinical trials in partnership with the US-based Corixa Corporation, and a Phase I clinical trial for an asthma therapeutic has been initiated in Wellington, New Zealand.
For further information, please contact:
James Watson,
Founder and CEO,
Genesis Research & Development Corporation
Tel: +64 9 373 5600 Andy Coupe
Executive Director
UBS Warburg New Zealand Limited
Tel: +64 9 913 4878 Allan Botica
Botica Conroy & Associates
Tel: +64 21 400 5000

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