Botry Zen cancels 90 million shares

Biotechnology company Botry Zen is cancelling 90 million of its shares as it restructures its shareholding ahead of a $4.2 million rights issue.

The Dunedin company announced yesterday that interests associated with its three principal shareholders, Max Shepherd, Tak Hung and Otago Trust, had each agreed to cancel 30 million shares as Botry Zen restructures to fund the expansion of its business.