The investment fund was seeded with a gift of 50,000 Cytopia Limited shares.*
* Cytopia Limited was a biotech research company listed on the Australian Stock Exchange with a pipeline of mainly anti-cancer drugs some of which had advanced to Phase II human trials. As at March 2008 those shares were worth of the order of $18,000. In January 2010 Cytopia Limited was acquired by the Canadian research biotech company YM Biosciences Inc for what the Victorian Supreme Court deemed “reasonable but less than fair value.” Meteor Incorporated’s 50,000 Cytopia shares were converted to 4,260 YM Biosciences shares valued on the New York Stock Exchange at US$6,390. These shares will be held for the long term in the hope of a bonanza return that sometimes accrues to speculative investments of this type. An encouraging sign is that clinical trials of Cytopia’s drug candidates are continuing under YM Biosciences administration, so far successfully.
Any cash donations and bequests will be invested under direct supervision of Meteor Inc’s committee with the objective of balancing the risk profile of the fund over time. To start with, the fund is all risk, so in the early years donations will be deposited in the safest investment option, viz. a bank deposit account or a reputable cash management trust. As time goes on, a mildly progressive investment policy will emerge whereby some of the money will be put into shares and property trusts where the investment risk is greater but so also are potential returns over the longer term.
Meteor Inc has a communications policy whereby discussion of its aims and objectives at SF clubs, conventions and literary discussion groups is encouraged.
Publicity tools on the Internet such as email lists, web logs, ezines and the like will be used primarily to direct enquiries to the Meteor Inc website: meteor.org.au.
Our first goal is to raise $10,000 to establish interim storage arrangements for ‘at risk’ donated material that is assessed by Meteor Inc’s board of directors as being worthy of preservation with the co-operation of local SF institutions. To achieve this goal we are entirely reliant on the generosity of the science fiction community.
If significant material in ‘at-risk’ collections cannot be saved in that way, their owners or cutodians will be encouraged to find a market for them (eg. via eBay) so as to ensure their preservation in the hands of other collectors rather than, as so often happens, simply throwing them out.
When it has enough funds, Meteor Inc will shift its focus to fulfilment of its objectives via the acquisition of premises, accepance of collections and the hiring of qualified librarian/custodians to archive, manage and display them for the benefit of the science fiction community.
Literary researchers will be able to access Meteor Inc’s archives by invitation. Monitoring such activities will be a major function of the committee.