www.stirlingproducts.net
Stirling Products (ASX:STI) is a manufacturer and marketer of proprietary and/or patented pharmaceutical products and natural health products for its own interests as well as on a contractual basis for third parties. Strategically, Stirling Products is positioned to capitalise on the rapidly changing conditions within the global pharmaceutical and health markets.
The Stirling Products corporate headquarters are in Sydney, Australia and its North American pharmaceutical manufacturing operations are based on Cape Breton, Nova Scotia, Canada.
Stirling operates through three main business units each managed by proven industry specialist managers:
- Pharmaceutical & Healthcare
- Research & Development
- Animal Products
Stirling Products clarifies funding facility for stake in TeleMedCare
Pharmaceutical and Healthcare group Stirling Products (ASX: STI) yesterday reported that the company had exchanged agreement for the provision of working capital and the initial funding for the TeleMedCare Holdings Pty Limited transaction.
Stirling proposes to acquire a controlling 65 per cent interest in TeleMedCare from the Administrator.
The following details clarify the funding facility:
- A $1.2 million private funding facility over an 18 month period has been secured with interest payable at 1% per month, only on funds drawn down;
- An establishment fee of $20,000 is payable;
- Any or all of the drawn facility may be convertible to shares at an average $0.01 per share ($0.008 for the first $400,000 conversion, $0.01 for the next $400,000 and the balance at $0.012) at the lender’s option;
- The facility may have a charge over the Company’s O’Connell Street properties, until the sale of the properties (If so charged, the funding facility will continue following any sale).
Stirling has also reported that yesterday it appointed joint sales agents Savills and Tim Green Commercial to market and sell the company’s O’Connell Street, Sydney properties. An Auction has been scheduled for September 2, 2010 to deal with the sale of the properties.
As advised yesterday, the company is in discussion with a US fund and a UK fund seeking convertible investment positions and the company will advise of any material progress in due course.
