This thing makes me laugh for the simple fact that it is a bootleg and it was manufactured in the USA. It's not a legitimate release and it's not rare. It frequently turns up, so you should not be spending loads of money on this thing.
This is a poster sleeve, and the quality of it is very cheap. It was clearly done on a domestic photocopying machine at the time. The reverse side has a nice photo of Kate. I probably didn't do a very good job of scanning it in and piecing it together, but in this case it really doesn't matter. It's not what you would call great quality to start with.
The vinyl is actually quite decent, and apart from the red one there were also four or five other variants. I know it also came in green, blue and yellow. It's possible there was another colour, but I honestly can't remember anymore.
The version of 'Let It Be' on this bootleg is not the Ferry Aid version, and even though I haven't listened to this thing in years, I'm also certain it's not the same version as the one found on the "Collaborations" CD bootleg, which you can look at here. Believe it or not, there were actually quite a few different versions of Kate singing 'Let It Be' that were floating around and could be found on various different bootlegs. There's also a message from Kate, with an annoyingly long message from John Carder Bush on side two.