bought at 58, page-103

Unusually large bid at 90c today... had a write up the other day.

"Progen Pharmaceuticals. Progen (PGL), the cancer therapeutics company, hasn’t had much success with its research programs, but fortunately for shareholders it still has a lot of cash on its balance sheet and it’s decided not to spend that cash. The stock is about 80¢ a share; it’s got about $1.10–1.20 of cash and it’s said that it will pay out at least $1.10 or get a bid at $1.10 within the next couple of months.
It’s a rather odd announcement. If you look at the phrasing of the announcement, it’s not clear whether they have a bidder, or whether they’ll simply try and find one, or in the absence of that, pay out the cash.
On the face of it, it looks a very attractive situation: the cash is on the balance sheet, the stock is trading about 28% below that level, but to say that they’ll go and get a bidder at a time when bidders are hard to come by is a big ask.
Having said that, if a bidder did pay $1.10 and they’ve got that much cash on the balance sheet, I guess you’re getting whatever its research portfolio is worth for nothing.
So it’s one to look at. If you’re a PGL shareholder, it’s probably worth hanging on. As for buying into it, it seems like a good idea. We haven’t done that yet, because we’re still just trying to make sure that the company is genuine about paying out this cash."

Eureka Report compliments of "Illusion".