Sandon comments
SandonCapital @SandonCapital 3h3 hours ago
$SNC provide investors with exposure to a portfolio of Aust coys that are not available to traditional investors
#ASX http://ow.ly/d/3vib
"ACL declined as investors continued to lose faith in the prospects for the Company, following the announcement of lower than expect profit-share figures from its generic drug. On 18 June, Sandon Capital requisitioned a meeting to remove a number of ACL directors and appoint new directors. On 26 June, one of the new directors proposed by Sandon Capital was appointed to the Board. We and the ACL Board are in continued discussions. On 1 July 2015, ACL announced the conditional sale of its oncology division to a U.S. based company. Subsequent to month end, ACL also announced the effectively sale of the VAST drug development platform for $100,000 plus royalties on any future revenues. Although in its early days, these transactions appear as small positive steps, and allow ACL to further reduce operating and shutdown expenses and retain some option value for its oncology division and the VAST platform. Also subsequent to month end, Mr Ken Poutakidis, the new director proposed by Sandon Capital, was appointed interim Chairman, following the retirement of the former Chairman."
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