In the wake of the year's poor results, John Stocker, Sigma Pharmaceuticals Chairman just resigned from the Company.

When the Company posted a full-year loss of $A389 million, Sigma's stock was decimated and CEO, Elmo de Alwis and CFO, Mark Smith, also fell on their swords.

Brian Jamieson who has been on the Board since 2003 is supposed to replace Dr. Stocker.

Some more disappointing financial news came from the Company at its AGM. The new Chairman said there was a possibility that Sigma might not meet its budget this fiscal year because of a disappointing recital in its generics division.

Sigma made no comment on the $A700 million takeover offer from South Africa's Aspen Pharmacare, which is undergoing due diligence.

However, the Company did say that they had dealt with the circumstance to renegotiate debt facilities maturing in 2001 and beyond and that they were committed to pay down $A100 million by the end of next March, which it would sponsor by selling-off non-core assets.