under the terms of the MIA PGL is restricted to a buyback of a maximum $20m at a maximum price of $1.10 per share...the only outcome that results in a larger buyback from PGL is that the merger does not pass an ordinary resolution at the PGL meeting and then the board of PGL would be under significant pressure to return ALL of PGL's cash thereafter.
progen to merge with avexa, page-15
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