Friday 1st September 2000 |
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Genesis' profitable option
Investors are prostrating themselves before brokers this week, pleading for some shares in Genesis Research and Development Corporation, New Zealand's first pure biotechnology share market float. The company has a range of gene-based products and systems that have a good chance of producing commercially viable drugs to treat numerous human and plant diseases. Shares are being offered on both sides of the Tasman at $6 a piece and many investors are convinced they will go higher once trading begins later this month. One indication of the share's popularity is the use of a shares-instead-of-fees deal that has been in vogue for many dotcom listings in the US. The Genesis prospectus shows it has granted a company called Executive Search International an option to buy 20,000 shares at $2.75 "in consideration for Executive Search International Ltd providing professional introduction and appointment services in relation to the appointment of a consultant to the company." At this price, Executive Search is guaranteed to more than double its money when Genesis floats and potentially earn far more.
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