WHAT DOES ALL THIS ACTUALLY MEAN? Layton Mills and Margaret Curtis (outgoing executives) have control of Animal Health Holdings Pty Ltd where 52% of Cannpal was divested into from Auscann Group Holdings PL (which is still a listed company according to ASIC website). The property sale settled on 8 June and the proceeds are meant to fund whatever the plans are for Auscann going forward as a viable enterprise but doing what and is it really going to happen? Yes, what happened to the websites - Animal Health Holdings Pty Ltd, is this a functioning business?
VERY DISTURBING STUFF ISN'T IT? 4 April 2023: Auscann Operations Pty Ltd has entered into a conditional contract for the sale of its premises located at 11 Excellence Drive, Wangara WA 6075. The purchase price is $6,750,000 to Optral Pty Ltd and is expected to settle on 8 June 2023. LJ Hooker Commercial Perth negotiated the contract of sale through an on-market campaign on behalf of Auscann. Optral, who are active on the LJHC database, are private commercial property investors that own multiple commercial properties throughout Australia including Western Australia.
10 March 2023: AusCann has entered into a share sale agreement with Animal Health Holdings Pty Ltd to privatise its animal health business, CannPal Animal Therapeutics Pty Ltd, by divesting 52% of CannPal to AHH. AHH is a Special Purpose Vehicle which will assume the responsibility for all current and future expenses for the development and commercialisation of the animal health assets of CannPal. AHH will be controlled by AusCann's outgoing Chief Executive Officer, Mr Layton Mills, and the outgoing Chief Scientific Officer of AusCann, Dr Margaret Curtis. AusCann will retain a 48% free-carried interest in CannPal and has no obligation to fund CannPal. AusCann retains the right to re-acquire the shares in CannPal upon the failure of CannPal to reach agreed development and commercialisation milestones. The Partial Divestment enables CannPal to operate as an unencumbered and private animal health company better positioned to attract, secure and maintain strategic partnerships and resources for the continued development and commercialisation of AusCann's animal health assets. The Partial Divestment is a separate and independent transaction from the proposed transaction under Listing Rule 11.1, the subject of AusCann's suspension from trading.10/03
AC8 Price at posting:
4.0¢ Sentiment: Buy Disclosure: Held
(20min delay)