read the note...., page-4

Astoria,

I agree wholeheartedly. The part that really matters is in the announcement is this part below. Based on that I think we can go back to the old scenario that 7 ptd shares at current price = $10.71 which shld mean that Agx shld be trading at roughly $1.07.

The market appears to have arrived at a valuation for Agenix by first removing 20
cents from the Peptech share price¨.

The removal of 20 cents from the Peptech share price reflects the market ¡s
misunderstanding of the proposed conditional dividend and skews the relative share ratio proposed between the two companies. As a result, it undervalues both Agenix
and Peptech¡¨, said Mr Bridges.
In the joint ASX release on 29 April 2004 announcing the merger, the companies
stated that ¡§Based on the one-month volume weighted average share price of
Peptech and Agenix as at 27 April 2004 of $1.61 and $0.90 respectively, the
proposed terms represent a premium of 25% for Agenix shareholders.¡¨ The implied
Agenix price underpinning this statement was $1.13.