any updates?, page-6

FYI
No new info but good report on our current position.

Source: http://www.smh.com.au/business/talent-agencys-listing-still-stuck-in-the-wings-20100107-lwvf.html
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Ever wanted to own a small piece of Cate Blanchett, Anthony LaPaglia or Rose Byrne? The "backdoor" listing of veteran talent manager Robyn Gardiner's RGM Entertainment may give investors such a chance.

The scheme has, however, already been delayed almost six months, with little explanation to shareholders of the one-time biotechnology hopeful Biosignal as to when they might get to vote on backing Ms Gardiner's Singapore-based group into their locally listed corporate shell.

The deal, which would make Biosignal far more "signal" than "bio", would result in Ms Gardiner and RGM's chief, Devesh Chetty, joining the board after selling their talent, and film and television packaging businesses in exchange for shares.

Biosignal has said the deal will value RGM at $35 million, compared with the biotech company's last quoted market worth of $3 million.

Last month Biosignal revealed it had done a $20 million funding deal with Global Emerging Markets, the same hedge fund group which this week backed Metal Storm in a similar debt-for-shares swap, to support the RGM transaction.

The change in tack at Biosignal has been under way since April last year when some much-needed cash was pumped in through a placement to Empire Investments, a group associated with the Perth academic and entrepreneur Dr Paul D'Sylva.

Three nominees of Empire took board seats, but a falling-out over strategic direction led to a wholesale board shake-up. At least one of Biosignal's former directors, Dr John Keniry, has written to the Australian Securities and Investments Commission with concerns about some of the dealings, but he has yet to receive any response.

The RGM deal was announced in July, resulting in its shares being suspended from trading.

The company has not yet revealed the outcome of its annual meeting, held three weeks ago, when investors were to have voted on a $900,000 convertible note issue to Empire and the BGF Capital subsidiary, Chalmsbury Nominees. Empire and BGF could theoretically convert the notes into 1.3 billion Biosignal shares, or 10 times the existing number on issue.

Biosignal plans a capital consolidation as part of the RGM deal, and a $10 million capital raising. Its chief executive, Tim Boyd, was on holiday and unavailable for comment.

Mr Chetty said RGM had been looking for a vehicle to list, and chose Biosignal. Apart from its screen and voice talent management business, RGM has a production relationship with Singapore's Media Development Authority. It has also been trying to put together a sequel to the 1991 surfing-cum-cops-and-robbers film Point Break.