RE: Tally future30 Mar 2020 14:42
1st question, Cameron, Is this just a repeat of Astop Biohealth "The float that never was" ?
Parry declines to comment on the details of the loan agreements between Surepoint and the private individuals signed in 2002. "Because Surepoint is a private company, we do various arrangements with private people," he says.
According to the loan agreements seen by the AFR, the funds are repayable, with 10 per cent annual interest, only on the successful public listing of Astop, and can also be converted into shares upon listing.
Also waiting patiently for a listing are about 700 shareholders in listed Perth-based mining company West Australian Metals, who sank a combined $1 million into Astop in a raising last year and have the right to subscribe for up to 50 per cent of the shares in a float.
In a reminder that he has lost none of his trademark salesmanship, Parry told those investors in an information statement for the capital raising last year: "I am of the belief that we have a product which has a world impact potential and I look forward to the company being able to help millions of people who suffer from breathing and related problems."
He also said that the domestic market for anti-asthma products was worth about $650 million and was growing at 12.5 per cent a year.
Cameron Parry, 32, who is now the chief executive of Astop, says he has engaged Melbourne-based Domain Capital to handle the float and that Astop will be seeking to raise $7 million by May next year. The funds will be spent on overseas marketing and establishing a distribution hub in Singapore to export the product.
Parry says a pre-IPO this month will also raise $2 million that will be spent on "aggressive" marketing. But the Australian Stock Exchange listing will occur only if Astop Biohealth is cash flow positive. "We will assess our sales figures in March and then release a prospectus," he says.
Parry says Astop will be distributed nationally, through a deal with 4800 pharmacies, and has already found its way into "a couple of hundred pharmacies" after its recent return to commercial sales.
He defends the long wait for a listing by citing the factory fire and the need to conduct broad-based clinical trials.
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