Sydney, Aug 17, 2007 (ABN Newswire) - Life Therapeutics (ASX: LFE) today announced that the company has resolved to appoint an Independent Expert to provide an independent valuation on the proposed transaction with Kedrion S.p.A ("Kedrion"), pursuant to the terms announced on 30 July 2007. This will include an assessment of the value of LFE's equity stake in Kedrion.
LFE is finalising the appointment and will provide further details once this has occurred.
The Independent Expert's report will be contained in a Notice of Meeting for an Extraordinary General Meeting at which shareholders will be asked to consider and approve the proposed transaction.
LFE CEO Dr Hari Nair said, "The proposed Kedrion transaction is a significant one for the company and therefore we believe it is important that shareholders receive an independent assessment, before being asked to formally approve the transaction.
"In the meantime, I am pleased to report that from an operational perspective, the company has begun the new financial year well with plasma collections reaching an all time high of over 31,000L in July. This is on target with the projections contained in the presentation accompanying our original announcement of the Kedrion transaction on 25 June.
"I look forward to providing shareholders with an update on performance to date when we announce our financial results for the 2007 fiscal year in the coming weeks."
LFE is finalising the appointment and will provide further details once this has occurred.
The Independent Expert's report will be contained in a Notice of Meeting for an Extraordinary General Meeting at which shareholders will be asked to consider and approve the proposed transaction.
LFE CEO Dr Hari Nair said, "The proposed Kedrion transaction is a significant one for the company and therefore we believe it is important that shareholders receive an independent assessment, before being asked to formally approve the transaction.
"In the meantime, I am pleased to report that from an operational perspective, the company has begun the new financial year well with plasma collections reaching an all time high of over 31,000L in July. This is on target with the projections contained in the presentation accompanying our original announcement of the Kedrion transaction on 25 June.
"I look forward to providing shareholders with an update on performance to date when we announce our financial results for the 2007 fiscal year in the coming weeks."
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About Life Therapeutics Limited
Life Therapeutics is an international company that specializes in niche therapeutic hyperimmune products. It has 14 operational plasma collection centers and signed leases for a further 2 centers around the US. The Company has considerable experience recruiting and collecting hard to find hyperimmune plasma for IND studies and clinical trials. Life Therapeutics has 500 employees, located in the United States and 14 plasma donor centers in eight American States. It has an established U.S. American Depositary Receipt (ADR) Level I program, which enables trading in Life Therapeutics shares by U.S. based investors. The company's divisions are all headquartered in Atlanta, Georgia.
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