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Beauty Direct shareholders approve acquisition

Media release

Tuesday 15th February 2005

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The shareholders of Beauty Direct have unanimously approved the acquisition by the company of the business of Life Pharmacy Limited and a 49% shareholding in 17 companies operating Life Pharmacy stores.

The acquisition remains conditional on obtaining Medsafe approval of the changes in ownership of the pharmacy businesses and the formal completion of shareholder agreements, franchise and service agreements and management agreements currently with the pharmacy companies and the adoption of a new constitution by each pharmacy company.

Shareholders also approved a new directors' remuneration scheme and an option scheme for the independent directors to be appointed on settlement of the Life Pharmacy acquisition.

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