Liz Coutts steps down as Chair of Life Pharmacy

Media release

Liz Coutts steps down as Chair of Life Pharmacy

Life Pharmacy Limited (NZX: LPL) today announced that Liz Coutts has stepped down from her position as Chair and has resigned from the Board of the company.

Earlier today LPL announced that it had entered into a Merger Agreement with Pharmacybrands Limited (PBL), under which it will make an offer for 100 percent of the ordinary shares of PBL, merging the operations of the two companies. Peter Merton will be appointed Chairman following the merger.

The LPL Board wishes to acknowledge the dedication and hard work Liz has put into the company over the last five years. Liz has chaired the company since its listing in 2004 and has lead the company through significant changes including establishing a corporate structure, the placement of shares to LPL Trustees Limited in 2007 and the capital raising undertaken last September.

The Board thanks Liz and wishes her well in the future.

About Life Pharmacy

Life Pharmacy Limited (LPL) is New Zealand’s only listed Retail Pharmacy Group and comprises the Life Pharmacy, Life Metro, Life Outlet and Care Chemist brands. The total LPL Group includes 50 retail outlets operating throughout New Zealand comprising 29 Life branded stores, (including three Life Metro, one Life Pharmacy Outlet store and two non-Pharmacy Life outlet stores), and 18 pharmacies branded Care Chemist. Of the 50 Retail Outlets, LPL has a 49 percent investment in 20 Associate Pharmacy companies and two 50/50 joint venture operations.

ENDS

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