Australia's Little Green Pharma rises on plan to demerge psychedelics business

Little Green Pharma

08/02/2022 02:41

** Shares of Little Green Pharma  LGP.AX  rise as much as
3.7% to A$0.560, post their biggest intraday pct gain since Jan.
28
    ** The medical cannabis producer announces https://www.asx.com.au/asxpdf/20220208/pdf/455rr1qvf2zv1w.pdf
 its intention to demerge its psychedelics business into a
separate unlisted entity, Reset Mind Sciences Ltd
    ** As part of demerger, LGP shareholders are expected to
receive a pro-rata allocation of 100% of the shares in Reset and
a pro-rata offer to participate in a Reset entitlement offer
    ** The completion of demerger is targeted for June quarter
of 2022  
    ** Stock down ~9.2% this year, as of last close 

 (Reporting by Upasana Singh in Bengaluru)
 ((Upasana.Singh@thomsonreuters.com))