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  1. #51
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    So the good news is here ...with the rights announcement as expected even if somewhat delayed. The end of any year isn't the best time to raise cash, but $3m isn't much so it should be okay.

  2. #52
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    3 mil should be no probs with all the media coverage on halitosis and the deals with the multinationals I would expect foreign money is starting to look at Blis now and ya average kiwi will be starting to get the boot out the door. The americans are starting to look into the causes for bad breath rather than trying to mask the problem.
    The only thing I find perturbing is that the multinationals are not trying to get more of a finger in the pie and the company are coming to the shareholders in the way of options.
    I don't bloody believe it

  3. #53
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    The rights announcement says BLIS "intends to raise up to $3 million". Does the term "up to" imply that this issue will not be underwritten? I think it does.

  4. #54
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    Here's the article from yesterday's ODT:

    Blis Technologies set to raise further $3 million

    By SIMON HARTLEY Business Reporter Friday, 21st September 2007

    DUNEDIN biotechnology company Blis Technologies intends raising another $3 million equity before the end of the year and is expanding its research agreement with giant international corporation Nestle.

    Blis is the developer and manufacturer of Blis K12, an oral probiotic for the prevention of upper respiratory infection and the treatment of chronic bad breath, but has other research under way into new products to prevent and treat bacterial infections, including tooth and gum disease, ear and throat infections and also applications for skin care, women’s health and veterinary medicine.

    A shareholder meeting will be scheduled for early October seeking approval to raise $3 million before the end of the year, to fund several items including expansion of its Dunedin facilities and boost its activities in selected international markets, chief executive Barry Richardson said in a statement yesterday. The equity raised would also be used to file additional patent applications, assist with applications for international regulatory approval and increase product development capability, Dr Richardson said.

    In late March, Blis announced Nestle would provide ‘‘significant’’ funding over three years to develop probiotics targeting upper respiratory infections in infants. Under the agreement, Nestle Nutrition, an autonomous unit within Nestle SA, would fund Blis research to develop probiotics from natural antibacterial peptides to boost immune systems in infants.

    A month later, Blis announced it had signed a distribution and marketing agreement with Auckland company Pharmabroker Sales Ltd, which represents brands in New Zealand such as Colgate Oral Care, Grans Remedy, Zrytec, Buccaline and No Jet Lag.

    Dr Richardson said yesterday Nestle and Blis had recently agreed to broaden their research into other probiotics, other than Blis K12, which had formed the basis of the initial agreement. ‘‘Nestle Nutrition will commercialise the probiotics under licence as part of its range of infant nutrition products.’’

    In late May Blis, for the second consecutive year, announced a loss of almost $1 million for its full year trading to March having posted a loss of $1.1 million in 2006, followed by a loss of $964,000 for the financial year.

    At its annual meeting in early August, it was first proposed by its directors that Blis seek another rights issue to raise a further $3 million. However, some shareholders were anxious the company continued to make a loss and that after six years it had reported losses of $9.6 million.

    At the time, chairman Peter Fennessy said the goal this financial year was to break even, a target he admitted would be difficult to achieve; to have positive cashflow and to triple revenue from $690,000 in 2006-07 to $2 million this financial year.

  5. #55
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    i've had similar thoughts, columbus! i was particularly disappointed that they chose a probiotic for their first big product. kiwi young adults and middle-aged aren't really into prevention -- presume we're indestructible or something. it's really only children and elderly who receive/buy into preventive medicine.

    bobby, my 'hope springs eternal' read of the 'intention to raise up to $3 million', was that it might not be necessary if nestles gets a bit more enthusiastic...
    love my rosy-tinted specs. cheers.

  6. #56
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    SP sagging to 9cps again. That will cap the upper limit of the rights issue.

    Has anyone else wondered why BLT needs money for a pilot manufacturing plant in Dunedin? What's wrong with the present Aloron operation ...and wasn't BLT moving away from manufacturing? So why the change?

    If Nestle is going to do the manufacturing after development of the area of their interest then why the need for the pilot plant? ...something going on down South ...maybe a new and better manufacturing machine they want to develop.

    Now there's a thought. What if BLT starts to licence manufacturing knowhow rather than pills!

  7. #57
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    BLIS Technologies Limited
    Notice of Special Meeting

    Notice is hereby given that a Special Meeting of shareholders of BLIS Technologies Limited ("the Company") will be held at the Centre for Innovation, St David Street, Dunedin at 11.00 am on Thursday, 8 November 2007.
    Business
    The business of the meeting will be to consider:
    a. the Board's proposal to conduct a renounceable rights issue by the Company for up to 44,801,079 new ordinary shares to holders of existing ordinary shares in the Company on a pro-rata basis at a rate of 2 additional shares for every 5 existing shares at an issue price of 7.5 cents. This transaction, as outlined, is referred to as the "Rights Issue"; and
    b. providing authorisation to the Board, to allot (before or after the Rights Issue) up to 19.99% of the ordinary shares on issue in the Company to one or more strategic cornerstone shareholders subject to the provisions of the Listing Rules. This transaction, as outlined, is referred to as the "Share Allotment".
    The capital raised pursuant to the Rights Issue, and any further capital raised under the Share Allotment, will enable the Company to consolidate and further expand its product range, improve its facilities, and further pursue the commercialisation of its products in selected international markets.
    The Board believes that faster progress in the commercialisation of the Company's products in international markets can be made by seeking partners with global marketing capabilities. In identifying a cornerstone shareholder(s), the Board will be looking for a strategic partner or partners who can provide assistance to the Company in relation to its ongoing capital, marketing, and regulatory issues and the distribution of its products
    A more detailed definition and explanation of the components of these transactions is set out in the Explanatory Notes. The Explanatory Notes also explain the rationale for the Rights Issue and Share Allotment and the implications of these transactions for the Company.
    Shareholders should also refer to the annual financial results for the Company for the period ending 31 March 2007 which are set out the 2007 Annual Report and to the presentations by the Chairman and the Chief Executive at the Company's Annual General Meeting on 1 August 2007 (refer to the Company's website for details www.blis.co.nz).
    The necessary resolutions are set out below.
    Capitalised terms which are frequently used are defined in the Definition section at the end of this Notice. Others are defined in the context in which they are used.
    Resolutions
    1 Rights Issue
    To consider, and if thought fit, to pass the following special resolution:
    "That the shareholders authorise for the purposes of section 129 of the Companies Act (and Listing Rule 9.1.1 if and to the extent necessary), the Board to proceed with the Rights Issue ("Rights Issue" being defined in the Explanatory Notes to the Notice of Special Meeting dated 15 October 2007)."
    See Explanatory Notes

    2 Share Allotment
    To consider, and if thought fit, to pass the following special resolution:
    "That the shareholders authorise for the purposes of Listing Rule 7.3.1(a) (and Listing Rule 9.1.1 and section 129 of the Companies Act, if and to the extent necessary) the Board to proceed (before or after the Rights Issue) with the Share Allotment, being the allotment of up to 19.99% of the issued share capital of the Company to a strategic partner or partners (being neither a Director or any Related Party) within 12 months of the approval of this resolution at a price per share which represents no more than a 5% discount to the Issue Price payable per New Share under the Rights Issue. ("Share Allotment" being defined in more detail in the Explanatory Notes to the Notice of Special Meeting dated 15 October 2007)."
    See Explanatory Notes

    Proxies
    All shareholders are entitled to attend and vote at the meeting or to appoint a proxy to attend and vote in their place. A proxy need not be a shareholder of the Company. Individuals who are disqualified from voting on any resolution are unable to vote on a discretionary proxy.

    Enclosed with this Notice of Special Meeting is a proxy form. For the appointment of a proxy to be valid, the form must be deposited at BLIS Technologies Limited, Level 1, Centre for Innovation, 87 St. David Street, Dunedin or sent by facsimile to (03) 479 8954 no later than 48 hours before the start of the meeting being no later than 11.00 am on Tuesday, 6 November 2007. Postal voting is not permitted.
    All of the directors offer themselves as proxy to shareholders and, subject to the restriction that they cannot vote a discretionary proxy if they themselves are disqualified from voting, will vote in favour of all of the resolutions put to the meeting unless otherwise directed.

    Corporate representatives
    A corporation which is a shareholder may appoint a person to attend the meeting on its behalf in the same manner as that in which it could appoint a proxy. The form to appoint a proxy/corporate representative must be signed on behalf of the company by a person acting under the company's express or implied authority.
    Requisite majorities and voting

    Both special resolutions require the affirmative vote of a 75% majority of those voting in person or by proxy in order for them to be passed.
    If either special resolution of shareholders is passed, any shareholder who has cast all of the votes attached to their shares (and having the same beneficial owner) against either resolution, is entitled to require the Company to purchase those shares in accordance with section 111 of the Companies Act. The Company must purchase those shares unless it obtains relief under section 114 of the Companies Act. The Company would seek such relief if as a consequence of the exercise of such rights, the Board formed the view that any of the grounds set out in section 114 existed.
    By order of the board of directors



    P. F. Fennessy
    Chairman
    15 October 2007

  8. #58
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    What I want to know is: has a cornerstone shareholder been identified, or is the part "b" of this transaction simply designed to encourage participation in the rights issue? Cynical, I know, but it comes from being a BLIS shareholder of long standing, who has heard all this talk of partnerships many times before.

  9. #59
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    Hey bobby what do you reckon about the option to
    alot 20% of company at 7.125 cents?
    Opens the door wide open for Nestle or DSM which i think is
    a good thng.
    Surely they would jump at the chance to buy such a big parcel at such a low price?
    DSM is looking for acquistitions like blis apparently.
    Maybe thats why they have been dragging it out using the rights issue as bait. Wishfull thinking maybe.

    Barry holds around 4 million shares which is alot of motivation for him, perhaps the rights issue is another way for him to get more?
    Looks as though he is a very clever strategic thinker.
    Apparently has done well in the past at Tatua and Westland.

    Hopefully something will happen before the end of the year.
    Should hopefuly do well over the next 5 years though.
    I have bet the farm on this one!

  10. #60
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    Bobby, there's a possible answer to your question in item #2 '...share Allotment ...the Board to proceed (before or after the Rights Issue) with the Share Allotment'.

    The word "before" may be a hint of negotiations already in progress? Maybe more than one party involved too?

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