New directors dubious about Genesis split

By PAUL PANCKHURST

Wrightson's two new representatives on the board of Genesis Research may oppose the biotech company's plans to split into two separate companies.

Wrightson's John Palmer and Dr Allan Freeth yesterday won the argument over whether Wrightson should have two board seats or one.

Shareholders elected the pair in the poll held at the Genesis annual meeting in Auckland on Friday, with the result revealed yesterday.

Freeth said the pair were yet to be convinced by the plan - announced to the meeting by chairman David Irving - to spin off the plant science business as a separate company to eventually list on the Stock Exchange.

"We just don't have enough information to be able to form a view," said Freeth.

The spinoff is provisionally called The Plant Company.

Rural services firm Wrightson grabbed a 15.4 per cent stake in the company last month.

Two other board seats up for grabs in Friday's poll were won by Irving and Dr Douglas Wilson, leaving one of Genesis' existing directors and founding figures, Herman Rockefeller, out in the cold.

The number of board seats is expected to be trimmed from nine - but not at the expense of Wrightson, given the shareholders' verdict on Friday.

Genesis is known for health science - such as the psoriasis drug PVAC, now under clinical trial - and for plant science, such as genetically modified, fast-growing trees.