called administrator

1036 [Dow Jones] Former high-flyer Chemeq (CMQ.AU) calls in administrator after W.A. Court of Appeal upholds Supreme Court ruling that CMQ failed to meet final milestone covenant to achieve gross revenue of at least A$4 million, triggering redemption order for A$60 million convertible bond holder; suspended from trading. CMQ soared to A$8.61 in June 2003 on hopes its flasghip polymeric antimicrobial product might replace antibiotic use in humans, as well as farm animals. But hopes ran ahead of reality, with CMQ dogged by difficult, protracted ramp up at Kwinana manufacturing facility, which as today's news attests, ultimately proved its undoing. (RCB)