Anagenics (ASX:AN1) announced a significant restructuring update related to the voluntary suspension of its securities, which began on Sept. 4.
The company has agreed to sell Face MediGroup to the original co-founders, Matthew Perry and Sarah Jane Perry, along with their controlled entities.
Anagenics confirmed that the sale would see the company completely exit the Face MediGroup business.
As part of this transaction, the purchasers will assume all assets, liabilities, and employees of Face MediGroup, thereby allowing Anagenics to reduce operating costs significantly and avoid further potential expenses.
The consideration for this transaction involves the assumption of Face MediGroup’s liabilities and the cancellation of approximately $670,000 owed by Anagenics to the co-founders as deferred consideration and loan repayments.
No cash consideration will be exchanged during the settlement of this transaction.
The completion date is set for Oct. 15.
"There are no conditions precedent to completion of the transaction. The sale agreement is otherwise on terms and conditions which are customary for a transfer of business of comparable size, nature and type," the company said in a statement.
Anagenics is continuing its restructuring initiatives to streamline its operations, particularly focusing on right-sizing the BLC Cosmetics business and simplifying activities for sustainable operations.
The company's securities will remain suspended until further announcements are made about the restructuring, expected by Oct. 31.
At the time of reporting, Anagenics' share price was $0.008.