AI assistant
GENETIC TECHNOLOGIES LIMITED — Capital/Financing Update 2025
Feb 27, 2025
65022_rns_2025-02-27_fc1bfb2c-605b-4819-8cfd-508734bb76b3.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
28 February 2025
ASX ANNOUNCEMENT
Genetic Technologies’ Creditors resolve to execute Benelong DOCA
The Voluntary Administrators (“ Administrators” ) of Genetic Technologies Limited (Administrators Appointed) (ASX:GTG) (“ the Company ”) provide the following update on the Voluntary Administration process.
Second Reconvened Meeting of Creditors
Today, the Administrators held the second reconvened meeting of creditors (“ Second Reconvened Meeting ”) of the Company. At the Second Reconvened Meeting, creditors resolved the Company execute the Deed of Company Arrangement (“ DOCA ”) as proposed by Benelong Capital Partners Pty Ltd (“ Benelong ”).
Further details of Benelong’s DOCA proposal are contained within the Administrators’ Second Supplementary Report to Creditors dated 20 February 2025 (“ Second Supplementary Report ”) which is available online via FTI Consulting’s Creditors Portal maintained by the Administrators at: https://www.fticonsulting.com/creditors/genetic-technologies-limited.
As outlined in the Second Supplementary Report, creditors’ approval of the Benelong DOCA proposal will see the Company enter into the DOCA within 15 business days of the Second Reconvened Meeting. The Administrators and Benelong will endeavour to execute the DOCA as soon as possible, but in any event no later than Friday, 21 March 2025 .
The key condition precedent to effectuation of Benelong’s DOCA proposal is approval of the Company's shareholders under:
-
Chapter 2E of the Corporations Act and listing rules 7.1 and 10.11 for the company to issue securities as contemplated by this deed; and
-
the Company's constitution and section 203D of the Corporations Act to appoint the nominee directors referred to in clause 4.2.
The Administrators understand that this process is expected to take 8-12 weeks.
Subject to the satisfaction or waiver of all conditions precedent, creditors’ claims against the
Company will transition to a Creditors’ Trust from the time of the DOCA effectuation, whereby funds will be available to creditors with admitted claims and distributed under the DOCA/Creditors’ Trust terms (and control of the Company will be transferred to persons nominated by Benelong).
FTI Consulting (Australia) Pty Limited
ABN 49 160 397 811 | ACN 160 397 811 | AFSL Authorised Representative # 001269325 Level 50, Bourke Place | 600 Bourke Street | Melbourne VIC 3000 | Australia Postal Address | GPO Box 538 | Melbourne VIC 3001 | Australia
+61 3 9604 0600 telephone | fticonsulting.com
Liability limited by a scheme approved under Professional Standards Legislation.
Implication for Shareholders
The Benelong DOCA Proposal involves the consolidation of the Company’s share capital on approximately a 1 for 10 basis, subject to compliance with applicable laws. The consolidation will result in approximately 165 million shares on issue following completion of the consolidation and issue of fresh shares.
Contact details
Media enquiries
David Whitely Strategic Communications +61 475 110 928 [email protected]