Tuesday 23rd December 2008
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As part of the deal, Keratec's chief science officer Rob Kelly will provide his services via his own company. After the transaction, Keratec will write off biomedical IP of about NZ$600,000 while parent Wool Equities will write of goodwill in Keratec of NZ$1.3 million.
The all-up impact is a NZ$1.9 million non-cash expense for Wool Equities of NZ$1.9 million and remaining Keratec IP still owned by the company of NZ$750,000. In turn it gets potential sales, up to a point of NZ$8 million, when the percentage of its share halves.
The company has been downsizing after the sale of its Covita and Paraco units to Crown Research Institute AgResearch. A spokesman for the company couldn't immediately be reached.
Wool Equities last traded at 26 cents on Oct. 16.
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