eastland wins first round - news article

Hi everyone. An update from Biotechnology news.....


Eastland wins first round over missing shares

Nick Evans
Thursday, 24 December 2009

EASTLAND Medical Systems says it has won the first round in its dispute over almost 2 million shares in German subsidiary HC Berlin Pharma it says it is missing, with the Western Australian Supreme Court issuing orders this week to prevent the disposal of the majority of the shares.


Eastland said the WA Supreme Court had issued an interim injunction until January 18 to restrain dealing in 1.53 million shares in HC Berlin Pharma AG.

In all, the company says 1.94 million shares in HC Berlin Pharma went astray sometime after it acquired a controlling stake in the German subsidiary in mid-2008.

Eastland launched action to recover the shares against former director Doug Sims, his wife and a group of companies associated with the two in early December, along with a group of former company employees, including chief financial officer Peter Tiede and company secretary Trevor Strahan.

While Eastland did not specify which group of shares the Supreme Court put a hold on, the companys original writ said that Sims and his associated companies were holding 1.53 million shares the same number as the Supreme Court put a hold on.

BTN understands further hearings on the dispute are likely to be held in February.