Exhibit 4
EMMET, MARVIN & MARTIN, LLP
COUNSELLORS AT LAW
120 BROADWAY 177 MADISON AVENUE
MORRISTOWN, NEW JERSEY 07960
WRITER'S DIRECT DIAL NEW YORK, NEW YORK 10271 (973) 538-5600
_____ FAX: (973) 538-6448
(212) 238-3000 1351 WASHINGTON BOULEVARD
_____ 2ND FLOOR
STAMFORD, CONNECTICUT 06902-4543
FAX: (212) 238-3100 (203) 425-1400
http://www.emmetmarvin.com FAX: (203) 425-1410
November 3, 2004
The Bank of New York
as Depositary
101 Barclay Street
New York, New York, 10286
Re: American Depositary Receipts for Ordinary Shares of Alchemia Limited.
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Ladies and Gentlemen:
We refer to the registration statement to be filed on Form F-6 under the
Securities Act of 1933 (the "Registration Statement") by the legal entity
created by the agreement (the "Deposit Agreement") for issuance of American
Depositary Shares ("ADSs") evidenced by American Depositary Receipts ("ADRs")
for Ordinary Shares of Alchemia Limited for which you propose to act as
Depositary.
We are of the opinion that the ADSs covered by the Registration Statement,
when issued in accordance with the terms of the Deposit Agreement, will, when
sold, be legally issued and will entitle the holders thereof to the rights
specified in the Deposit Agreement and the ADRs.
This opinion may be used by you as an exhibit to the Registration
Statement.
Very truly yours,
/s/ Emmet, Marvin & Martin LLP
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EMMET, MARVIN & MARTIN, LLP