1.1 would be nice.Progen to propose M&A deal or return of all...

1.1 would be nice.

Progen to propose M&A deal or return of all capital
11:30, Monday, 24 November 2008

Sydney - Monday - November 24: (RWE Australian Business News) -
Progen Pharmaceuticals Ltd (ASX:PGL) chairman Dr Mal Eutick told this
morning's annual meeting that the company would announce, within 45 days
from today, terms of an M&A transaction able to deliver a value to
shareholders in excess of a $1.10 per share.
This would be prior to January 14 and was likely to require
shareholder approval.
"At this point, we envisage that part of any deal would involve
a capital return to shareholders," he said.
"Should this not occur, the board will recommend that the entire
capital of the company (less liabilities and allowances for the
continuing statutory and other costs) be returned to shareholders.
"This is a sum we currently estimate by February to be
approximately $70m, or about $1.10 per share," Dr Eutick said, adding
that this would also require shareholder approval.
"This places a considerable time pressure on the company to
aggressively bring possible M&A opportunities to this stage and for us
to be able to convince you, our shareholders, that such an M&A
transaction is in your best interest.
"To ensure that all of this is done quickly, we are able to
announce today the appointment of PriceWaterhouseCoopers as our advisers
for this task," he told the meeting.