Promisia turns to aged care in $31.3m backdoor listing

Thu, 19 Dec 2019

Promisia Integrative has thrown in the towel on its dietary supplements business and chosen to become a backdoor listing vehicle for four aged care facilities owned by its major shareholder. Promisia values the proposed transaction at about $31.3 million. "Shareholders will be well aware of the regulatory difficulties that Promisia has faced in relation to Arthrem which have severely impacted sales and jeopardised the ability for the company to operate," the company said in a statement. Promisia recalled all stocks of its Arthrem capsu...

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