Servatus Pty Ltd changes status to Public unlisted company and is now Servatus Ltd
In December 2016, Servatus Pty Ltd changed its status from propriety limited to an unlisted public company, becoming Servatus Ltd. As our number of shareholders grow, we see this status change as a step forward in the company’s progress.
This change of status from propriety limited to unlisted public creates a higher level of transparency and aims to provide greater protection of the public. With this new status comes a number of certain requirements that must be met. An unlisted public company registered under the Corporations Act must have at least three directors, two of whom must be Australian residents. Servatus Ltd recently met this requirement with the addition of Michael Vitale, our newly appointed Non-Executive Director. Michael expands Servatus, bringing a comprehensive mix of commercial, research and teaching experience from a wide-ranging career in both the USA and Australia.
Servatus was established in 2012, initially beginning operations in 2013. Our early necessary operations for filing of our patent pending to protect our core technology was financed by a preliminary capital investment. Today, Servatus still holds a clear vision to commercialise our proprietary technology, working in due course with our core technology.
As Servatus continues to progress, the number of shareholders permitted for a propriety limited company approached its limits. This growth in shareholders and the objective to create more transparency within the company gives reason enough for the status change from propriety unlimited to unlisted public. Servatus continues to target development of biological treatments and drugs for chronic inflammatory and auto-immune diseases that work by new modes.