Progen Shareholders Call Meeting to Spill Progen Board and Offer Merger or Full Cash Back to Sh... ( MELBOURNE Australia Jan. 28 /- Cytopi...)

Progen Shareholders Call Meeting to Spill Progen Board and Offer Merger or Full Cash Back to Shareholders

Date:1/28/2009

MELBOURNE, Australia, Jan. 28 /PRNewswire/ -- Cytopia Ltd (ASX: CYT) has joined with other Progen Pharmaceuticals Ltd (ASX: PGL) shareholders to call a Progen general meeting to elect a new board, pursue a merger and enable the first full share buyback offer to Progen shareholders.

Key resolutions being put to Progen shareholders include:

Offering those shareholders who wish to do so the opportunity of having their shares bought back for $1.10 per share
Removal of the current board and replacement with three independent directors who would be elected on a declared platform of exploring a merger between Cytopia and Progen

To minimize cost and inconvenience the meeting notice requests Progen to put the resolutions for consideration at the same time that a general meeting is held to consider the proposed merger between Progen and Avexa Ltd (ASX: AVX). This will give shareholders much greater flexibility of choice and all resolutions can be dealt with in one forum.

A copy of the Requisition of General Meeting notice and a Members' Statement are appended to this announcement. The Members' Statement provides further detail on the calling of the meeting and the proposed resolutions.

The meeting resolutions provide clear choice for Progen shareholders. By not capping the buyback of shares, every shareholder has the opportunity to either support the further development of Progen under new board and management or, redeem cash of $1.10 per share, subject to available net cash reserves. This is currently denied to Progen shareholders under the proposed Avexa merger terms where only $20 million is available for the share buyback.

Cytopia is of the view that the Progen board appears to have lost the confidence of many investors after seemingly few achievements in the past few years.

Three
'/>"/>

0

GOOD

Page: 1 2 3 4 5
Related biology technology :

1. Progen Pharmaceuticals to Present at Thomas Weisel Partners Healthcare Conference
2. Progeniq Joins Microsoft in Bio IT Alliance
3. Empire Genomics and Reprogenetics Join Forces to Improve Preimplantation Genetic Diagnosis (PGD)
4. Progentix Orthobiology B.V. Closes Series A Financing Round
5. Progen Expands Drug Development Pipeline Through Acquisition of CellGate
6. Progen Expands Board of Directors
7. Progen Restructures Manufacturing and Drug Discovery Divisions
8. Core Informatics Completes Successful LIMS Implementation for Progenics Pharmaceuticals
9. Wyeth and Progenics Receive Positive Opinion From European Committee for RELISTOR for the Treatment of Opioid-Induced Constipation in Advanced-Illness Patients
10. Progenitor Cell Therapy Secures Industry Accreditation
11. Red Herring Awards ProGenTech Limited for the 2008 Red Herring Asia 100

Post Your Comments:

Progen Shareholders Call Meeting to Spill Progen Board and Offer Merger or Full Cash Back to Sh...( MELBOURNE Australia Jan. 28 /- Cytopi...)