Biotech and medical diagnostics technology developer Agenix (ASX:AGX) has arranged to stop leasing its final superfluous property in Queensland in a deal set to save it $170,000 a year.
The company has reported that the Australian Investment Trust has entered into an unconditional contract of sale of the premises, whereby the new owner will be responsible for outgoings and the lease surrendered.
Agenix will only need to meet its debt obligations under its agreement for a further 12 months, after which the savings, and a reduction in cash burn by $20,000 a month, will be realised.
The property is one of the three then-head office properties in Queensland that CEO Neil Leggett sold then leased back for six years in 2006.
They have been surplus to requirements for a number of years, but the other two properties have since been surrendered.