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Genesis Research halted from trading pending statement

Genesis Research and Development, which in July abandoned plans to merge with an unlisted Australian company, had its shares halted from trading pending an announcement.

The company suspended operations in May 2010 and laid off its entire staff.

In July this year it placed 9.1 million shares, which it said gave it enough funds to remain listed while it considers further investments.

The shares last traded at 1.8 cents, valuing the company at $980,000, and have declined 40% in the past year.

In July, Genesis called off a proposed merger with Australia-based Mariposa Health, an unlisted public pharmaceutical development company.

(BusinessDesk)