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Chemeq, ASIC settle

BENTLEY biotech company, Chemeq Ltd, has settled its long-running dispute with the Australian Securities and Investments Commission with an agreement to pay a $500,000 fine. The fine relates to ASIC proceedings regarding the company’s disclosure of time-sensitive information about cost blow-outs on its Rockingham production facility. Chemeq has also agreed to pay $170,000 towards ASIC’s legal costs. The Federal Court approved the settlement and Chemeq was granted 14 days to pay the fine. The settlement ends an embarrassing issue for Chemeq, which ultimately cost the company’s founder Graham Melrose his executive chairmanship. The drama dogged the company, which has been developing products for animal health, for the past two years – during which time the share prices has slumped from more than $5 per share to current levels at around 40 cents per share.

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