Ann: NEU confirms primary endpoints for Phase 3 trial in PMS, page-161

I think paying out the excess cash to shareholders in the event of a TO transaction makes sense. This would be on top of whatever the theoretical offer price is. The acquirer is most likely going to be from the US or EU, so holding a company with the franking credits doesn't make a lot of sense for them and presumably they will transfer the IP to themselves and shut down the company if there's no financial reason to keep it around. The other aspect is sometimes these type of transactions can be classed as capital returns, rather than dividends but I don't know the ins and outs there. A recent example is Suncorp (when they sold their banking business to ANZ).