Sydney, Aug 17, 2007 AEST (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."
Contact
David Lumb
Porter Novelli
Ph: (02) 8424 8500
Prakash Patel
Company Secretary
Ph: (02) 8977 9000
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