Forum Archive Index - April 2004

["Cristine Kerr" <criskerr@optusnet.com.au>]

ASX Announcement today -

entitled 'Restructure and Relisting for BresaGen'

 

CBio Ltd, an unlisted public biotech company has reached an in-principle agreement with the Administrators (Ferrier Hodgson - Bruce Carter and Martin Lewis) to purchase BresaGen.

 

The agreement is subject to a number of conditions, including approvals by various stakeholders (creditors no doubt) and final documentation.

 

Under the deal, Bresagen will continue to operate its protein pharmaceutical business from Thebarton, SA and the majority of its workforce will be retained.

 

"This is a great result for all parties and if all conditions are satisfied, all creditors are likely to receive 100 cents in the dollar, with value hopefully being restored to shareholders, " Mr Lewis said.

 

A second meeting of creditors is due to be held later this month and creditors will be notified accordingly.

 

At this time, there is no further information to be made available to shareholders. It is likely that documents, including notice of shareholders meeting, will be provided to shareholders in June/July 2004.