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company deregistered today


Class Action - after obtaining legal advice, IMF did not proceed with funding a claim by Pan's shareholders against the Commonwealth of Australia - IMF is funding a claim against the Commonwealth of Australia on behalf of customers of Pan and other parties who suffered loss arising from the action by the Therapeutic Goods Administration against Pan in 2003


reports that Jim Selim defeated criminal charges related to the collapse of Pan and received a $A55m settlement from the Australian Government over a negligence claim against the Therapeutic Goods Administration - he says he has received an offer to join the board of a major company


Class Action - IMF (Australia) Ltd ("IMF") is proposing to fund a class action against the Commonwealth and others for losses caused by alleged misfeasance in public office leading to the collapse of Pan Pharmaceuticals Ltd (in liquidation) in April 2003 - to participate in the action to be funded by IMF, you must have suffered loss as a result of the actions of the Commonwealth. You may have held an interest in Pan Shares on 28 April 2008. You may have been a Sponsor or other creditor and have submitted a proof of debt to Pan's liquidator. If you are a Sponsor or other creditor of Pan, you need to show claims submitted (or which IMF considers you would have been entitled to submit) to the liquidator in excess of AUD $50,000 (excluding applicable GST) - for further details see or email Tim McLernon to request a pack at or contact Tim McLernon on 1800 016 464 on or before Monday, 13 October 2008


following the termination of civil proceedings involving Jim Selim and the Commonwealth of Australia in August 2008, the CDPP reviewed the matter - new evidence emerged during the civil proceedings - the Director determined that the charges against Mr Selim should be discontinued - ASIC was consulted and agrees with that decision


a third interim dividend is paid to creditors (the first was 10 cents, the second 5 cents) at the rate of 10 cents in the dollar - based on current estimates, payment of a fourth and final dividend in the range of 5 to 9 cents in the dollar should be possible following receipt of the balance of the settlement amount from Mr Selim, and once the proceedings in relation to the assigned causes of action against the TGA have concluded - this may not occur until after April 2010


the Liquidators and Jim Selim reach a settlement and the proceedings have now been dismissed - under the terms of the settlement, which remain confidential, Mr Selim has agreed to pay a sum of money to the Liquidators and the Liquidators have assigned all Pan's causes of action against the TGA to Mr Selim - the Liquidators have also agreed to provide reasonable assistance to Mr Selim in respect of those causes of action in connection with any reasonable request for the provision of information


on 31 October 2006, the Federal Court of Australia ruled in favour of a Pan Sponsor in relation to a trade practices claim for loss of future profit - the Liquidators appealed the judgement at a appeal hearing before the Full Federal Court on 31 July and 1 August 2007 - judgment has been reserved and is likely to be several months before it is available - declaration of a further interim dividend has been delayed until the judgment is available - if the appeal is successful, a further dividend of 5 cents in the dollar is likely to be paid by the end of the year - should the appeal fail, the extent of any additional claims will need to be ascertained before any further dividend is declared


Jim Selim pleads not guilty in the Supreme Court of New South Wales in Sydney in relation to four charges brought by ASIC - ASIC alleges Mr Selim gave information to the directors of Pan Pharmaceuticals that he knew omitted certain details, which rendered the information misleading in a material respect - a trial date of 15 October 2007 was set down for the matter to be heard before the Supreme Court of New South Wales


the Federal Court of Australia rules in favour of a Pan Sponsor in relation to a trade practices claim for loss of future profit - the Liquidators are to appeal the judgement


liquidators report with regard to proceedings against Jim Selim that "the court has set down an 18-month timetable for serving of evidence, tender bundles and limited discovery by the Liquidators. If the claim is not settled in the interim, a trial is likely to commence during the first half of 2008. As the mediation remains adjourned, the Liquidators and the CoI continue to monitor opportunities for further engagement with Mr Selim"


the Liquidators declare and pay an interim dividend at the rate of 75 cents in the dollar to the creditors of Laboratories - a second and final dividend of approximately 8 cents in the dollar is expected to be paid during the second half of 2007


former MD Jim Selim launches claims against the Therapeutic Goods Administration (TGA), seeking more than $141 million in damages - he wants to recover $137.56 million for the loss of his majority shareholding in Pan along with a $3.2 million share dividend payment he was owed


according to a release by IMF (Australia) Limited, it is funding legal action against the company with a maximum claim value of $30m and it expects the case to be completed by 31 December 2005 - see also note of 28/06/2003 below


we understand the litigation against Jim Selim is at a stage where mediation is likely to take place in the second half of February 2005 - the outcome of the proposed mediation is uncertain - in the event that the mediation is unsuccessful, full litigation is likely to proceed - if the matter goes to trial it is likely to be the end of 2006 before the outcome is known


second interim dividend at the rate of 5 cents in the dollar paid to creditors


first interim dividend at the rate of 10 cents in the dollar paid to creditors


liquidator files damages claim against Jim Selim alleging he breached his duties as a director - creditors are owed around $190m - they would get about 50c in the $ if $50m is retrieved from Mr Selim


delisted at entity's request


in response to the question as to whether any legal action contemplated could be taken on behalf of the company and therefore join other stakeholders, in particular shareholders, the liquidator informs us any funds flowing from a successful action would (after payment of costs) firstly be available to creditors and shareholders would only receive a benefit if there were surplus monies after paying creditors in full - based on current information, it seems unlikely that sufficient potential recoveries could be made to pay creditors in full - therefore, it would appear extremely unlikely that shareholders would ultimately benefit from such an action


liquidators announce that a contract has been signed for the sale of Pan's business and assets to Sphere Pharmaceutical Laboratories Pty Ltd - we understand the price is $20m


a loss declaration has been issued and the capital loss can therefore be claimed in the financial year the declaration is issued


reports that founder Jim Selim lost his attempt yesterday to prevent the company from going into liquidation - Justice Reg Barrett dismissed Selim's challenge to the manner in which creditors' rights were assigned by liquidator, Tony McGrath - goodbye Pan


in court today Jim Selim's barrister disclosed that his client would share in any profit if the revival option proceeded


in the court case against the liquidator Tony McGrath, founder Jim Selim wants the court to order the revival plan proceed or that the voting be changed and the meeting reconvened


reports that the liquidators will offer the whole of the business (including the land, buildings and equipment) for sale by public tender as soon as practicable


the TGA said an audit on Monday showed Pan Pharmaceuticals was on the way to recovery, having met good manufacturing practice requirements for the production of soft gel herbal, vitamin and mineral capsules - lifting the suspension will naturally enhance the value of the business assets


a decision on the licence will be made following a TGA inspection of the factory on Monday September 29


founder Jim Selim and the Australian Workers Union today launched a double headed legal action against liquidator Tony McGrath - the case will be heard in the Supreme Court of NSW on October 13 and 14 - it appears the argument is all about the swag of 470 proxy votes submitted by the Selim/Bart camp prior to the creditors meeting which were mostly rejected by McGrath, who said they showed insufficient proof of claim


Tony McGrath informs the market that he and Chris Honey of KPMG have been appointed liquidators


after a bitter scrap at the end involving employees, pharmacists and creditors, the large creditors win the day and the company will go into liquidation - this will open up the way for action to be mounted against former MD and majority shareholder Jim Selim


shareholders are able to claim any capital loss as the liquidator has issued the appropriate declaration (see note of 12/11/2003 below)


The administrator is ready to can the proposal by Fred Bart to buy Pan Pharmaceuticals believing liquidation offered the best prospects to creditors. In particular the proposal seeks to waive rights to a potential damages claim against company founder Jim Selim


administrators advise various offers for assets of the company have been received and one bid for all the assets and undertakings (from Bart and Selim) in the form of a Deed of Company Arrangement - the administrators will report to creditors on the bids at a creditors meeting on 1 Sep - creditors will vote on whether to accept the DOCA or place the companies in liquidation


reports that a group of pharmaceutical companies will sue the company for $50m - the action appears to be orchestrated and underwritten by IMF Australia, a litigation funder


administrators advertise the business, assets and "undertakings" of the company for sale


reports that the administrators have rejected an offer from former MD Jim Selim to resign, reduce his shareholding and defer his employment entitlements in return for release from a damages claim


administrator informs Court that the best outcome is likely to be a sale of the business followed by an early reinstatement of at least part of the licence


board appoints T McGrath and C Honey of KPMG as administrators after finding the company "is likely to become insolvent at some future time" - while this is a trigger for us to monitor developments, shareholders should be aware the company is not delisted and market releases can still be found at - board also announces interim dividend due for payment on 28 May will not be paid


securities suspended from quotation immediately, at the request of the Company, until such time as the Company is in a position to fully quantify the effect upon its financial structure and restoration of its licence following the Therapeutic Goods Administration decision to suspend its manufacturing licence


Therapeutic Goods Administration suspends manufacturing license for a period of six months

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