Cytopia, other shareholders call Progen general meeting14:40,...

Cytopia, other shareholders call Progen general meeting
14:40, Wednesday, 28 January 2009

Sydney - Wednesday - Jan 28: (RWE Australian Business News) -
Cytopia Ltd (ASX:CYT) has joined 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 shareholders the opportunity of having their shares
bought back for $1.10 each; and
* 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 minimise 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," Cytopia said.

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"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," Cytopia said.
"Three well-qualified and experienced directors", Mr Robert
Collins, Dr Damian Pethica and Mr Tom Williams, are proposed for
appointment to the board of Progen.
These candidates bring "a strong mix of commercial and
scientific skills necessary to drive corporate results for Progen" and
are strongly supportive of a merger between Progen and Cytopia.
To avoid any conflict of interest, no Cytopia representative has
been nominated to the board.
The candidates will be obliged to act in the best interests of
Progen and the remaining Progen shareholders, and their intentions will
have been openly communicated to all parties.
This will allow for a fully informed decision to be taken by
Progen shareholders at the meeting.