----- Original Message -----
Sent: Friday, April 02, 2004 10:59
AM
Subject: Re: [sharechat] ASX:BGN -
Bresagen (suspended Jan04)
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.
See IRG research reports
