any info, page-4

Found this on Biotech news:

Chemeq lands $15M for white elephant

Tuesday, 10 February 2009
Nick Evans

CHEMEQ’s receivers have finally sold the company’s former manufacturing facility, more than 12 months after first putting the site on the market.


Chemeq's Rockingham Plant

Receivers Ferrier Hodgson advised the Australian Securities Exchange this morning that the site had fetched $15.25 million – $10 million less than the initial $25 million asking price for the industrial site, and less than 25% of the $66 million book value of the site claimed by Chemeq in its 2004 annual report.

The receivers said the plant and equipment remaining onsite was sold prior to the land sale, but did not disclose how much the sale had realised for the company’s creditors.

Once the golden child of Western Australia’s biotech sector, Chemeq collapsed spectacularly in May 2007 under the weight of debt and convertible notes.

Construction delays and cost blowouts on the specialist manufacturing and research plant in Perth’s south were widely blamed for many of the company’s financial and legal woes.

The facility was supposed to cost $25 million to build, but eventually weighed-in at more than double that amount.

It also cost Chemeq a then record $500,000 fine from the Australian Securities and Investments Commission for breaches to continuous disclosure laws after the company tried to hide the construction troubles from shareholders.