in administration

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    Well, that's it for Pan and it's shareholders. See, below.

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    Pan appoints voluntary administrator
    May 22 16:23
    AAP


    Troubled Pan Pharmaceuticals said on Thursday it had appointed a voluntary administrator to the company.

    In a brief statement, Pan said the company was "likely to become insolvent at some future time".

    "Accordingly the board resolved that Anthony Gregory McGrath and Christopher John Honey both of KPMG be appointed as administrators of the company," Pan said.

    Earlier on Thursday, Pan revealed it would not be able to pay on May 28 its 2,879 shareholders their interim dividend of 3.5¢ a share as planned.

    Pan said this was because of its financial position, which has been under pressure after the Therapeutic Goods Administration suspended Pan's licence last month, citing a series of safety and quality breaches.

    More than 1,500 products manufactured by Pan - Australia's largest contract manufacturer of complementary pharmaceuticals - have been recalled.

    Pan's shares were placed in a trading halt in late April. They last traded at $1.20.

    ----------------------------------------------------
    PAN PHARMACEUTICALS LIMITED. 2003-05-22 ASX-SIGNAL-G

    HOMEX - Sydney

    +++++++++++++++++++++++++
    The Board of Pan Pharmaceuticals Limited today announced that it had
    resolved as follows:

    * That the financial position of the Company no longer justifies the
    payment of a dividend and

    * That the payment of a dividend would increase the liabilities of
    the Company and dilute the assets of the Company available to meet
    the claims of creditors.

    The Board further resolved that the resolution of the Board of 25
    February 2003 to pay a fully franked interim dividend of 3.5 cents
    per share (which was proposed to be paid on 28 May 2003 to
    shareholders on the register as at 9 May 2003) be revoked.

    The Board stated that the above resolutions in respect of the payment
    of a dividend were made having regard to the changes in circumstances
    of the Company since 25 February 2003, including the suspension of
    the Company's licence to manufacture therapeutic goods in Australia
    and the state of the current and likely financial position of the
    Company.

    For more information, please contact:

    Chris Grundy
    COMPANY SECRETARY & CHIEF FINANCIAL OFFICER
    Pan Pharmaceuticals Limited
    Ph: (61-2) 9734 9988

    -----------------------------------------------------
    PAN PHARMACEUTICALS LIMITED. 2003-05-22 ASX-SIGNAL-G

    HOMEX - Sydney

    +++++++++++++++++++++++++
    The Board of Pan Pharmaceuticals Limited (the Company) today resolved
    that in its opinion, the Company is likely to become insolvent at
    some future time. Accordingly, the Board resolved that Anthony
    Gregory McGrath and Christopher John Honey both of KPMG be appointed
    as Administrators of the Company.

    For more information, please contact:

    Chris Grundy
    COMPANY SECRETARY & CHIEF FINANCIAL OFFICER
    Ph: (61 2) 9734 9988

 
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