Hi Monhawks Back in June the following [below]was announced but no further progress has been reported.I note that some SBN shares have been turning over recently. I am unsure if OMI is to be another shell acquisition or whether the OMI business is to be reactivated.As I have mentioned previously the substantial shareholders have spent a lot of money in acquiring SBN shares and I do not think they have done that to watch it go down the gurgler
The Directors of Sun Biomedical Limited (ASX Code: SBN) are pleased to announce that it proposes to make an investment in Occupational & Medical Innovations Limited (Administrators Appointed) (OMI). SBN has today signed a Deed of Company Arrangement (DOCA) with OMI with a view to participating in the recapitalisation of OMI. OMI is the owner of patents in relation to medical syringe and syringe management technology. OMI has an existing ASX listing,I am unsureI am unsure ihowever, appointed voluntary administrators as administrators of OMI on 31 December 2009. OMI?s shares have been suspended from trading since 1 October 2009. The DOCA provides that SBN will make an initial contribution of $15,000 to OMI, with an additional $115,000 payable to a creditors? trust contingent upon OMI completing a share consolidation and capital raising which will see OMI raise sufficient funds to continue its operations.
Kens
SBN Price at posting:
1.4¢ Sentiment: None Disclosure: Held
