Atlanta, Dec 22, 2005 AEST (ABN Newswire) - Life Therapeutics (ASX: LFE) announced today that all the Directors and number of Executives purchased 890,000 shares in the Company yesterday.
These shares were part of the 2,000,000 shares traded through the market yesterday. These shares were the last of the Pyramid Shareholders shares that the Company agreed to place as part of the acquisition of the Pyramid Group. In addition to the Directors and Executives Dr Perry Manusu, who recently retired as a Director, also participated in this share transaction.
Dr Manusu added that "e was particularly pleased by how the Company was progressing" Two of the original Pyramid shareholders are working with Life Therapeutics and intend to maintain their remaining 700,000 shares in Life Therapeutics. The Chairman of Life Therapeutics, Dr Jim Brown added that "All of the Board have significantly increased their shareholdings in the Company. While this is a strong sign of confidence in the Company, it is even more significant that Management and Dr Perry Manusu have also participated in this share transaction. "
With the transfer of these shares Dr Hari Nair, as designate of the Life Therapeutics Board, no longer holds a proxy over the Pyramid shareholding. As a result Dr Nair is no longer a significant shareholder in Life Therapeutics. Dr Nair did increase his shareholding in Life Therapeutics as part of yesterdays Pyramid share transfer and now holds 150,000 shares in his own name.
Contact
John Manusu
CFO Director,
+61 2 8977 9000
Jesse McCorvey
Public & Investor Relations
+1-404-300-5030
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