Shell company AQL Holdings, formerly Aquaria 21, yesterday completed the purchase of Organic Interceptor Products.
The purchase, approved by shareholders last month, is part of a plan to change AQL to an organics company.
"The agreement for the sale and purchase of 100 per cent of the shares on issue in OIP
has been declared unconditional and settled today," AQL said.
"The company has entered into unconditional subscription agreements to issue 181,816,363 shares at an issue price of 1.1c per share, and expects to have all subscription money by the close of business this Friday."
AQL shareholders also approved the issue of up to 400 million shares by private placement at an issue price of 1.1c.
OIP owns and develops Organic Interceptor, thought to be the world's first certified weed controller.
AQL said its company secretary, R. H. Lunken, had resigned and had been replaced by the finance director, David Warrick.
AQL expects to change its name to Certified Organics by the end of the month.
- NZPA
