Life to appeal Federal Court decision
Tuesday, 29 July, 2008
Life Therapeutics [ASX: LFE] today announced its decision to appeal the recent Federal Court decision preventing it from selling shares to Aegis Partners.
The decision was handed down as the result of a lawsuit lodged by Life Therapeutics shareholder Bell IXL Investments.
Bell has been trying to mount a takeover of Life and has demanded the resignation of its board of directors.
But Life financier and customer Octapharma has been urging against the decision to change directors.
Octapharma is itself involved in a dispute with Life, claiming Life has under-delivered product to the tune of US$11 million.
As a result of the appeal, the shareholder meeting planned to discuss the company's future directorial structure may be postponed past the planned August 7 date.
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