Bullish Trend, page-4

In the last few months there has been tree shaking behaviour, this is typical of institutional buyers moving the SP around during accumulation phase but the trend remains up.
This phase is usually followed by brokers and/or media articles putting out favourable buy signals and an illiquid share like PGR can easily spike to 90c plus short term.

It is unlikely the major shareholder wants to create a tighter register, they already control the company for all intents and their value creation will work better with freely traded shares available. Its more likely they will ultimately support a CR (at a higher price $1+) to fund a large acquisition although this is probably at least a year time frame.