pgs and what are their motivations, page-2

Pinetree,

The PGS 'moves' regarding the 249D Notice/EGM (announced by Progen 10th November) were some months after the announcement by Progen regarding the termination of the PATHWAY Trial and the announcement 22nd August that Beerworths had been appointed to conduct the review.

One can only speculate that 'plans were a foot' between a few large holders to do more then just await the review and BOD intentions. If you look at the Top 20 Shareholders list there a number of Taiwanese holders.

Alison Coutts of course is ex eG Capital (a co-founder) and would no doubt have pretty good connections around the Biotech space. See;

www.biotechnews.com.au/index.php/id;1366026602

www.theaustralian.news.com.au/business/story/0,28124,24638255-5016575,00.html

Don't know anything about this Moses chap and Stanley Chang of course is Chairman/CEO of to Medigen and I think was previously on the Progen board a few years back. See;

http://taiwanjournal.nat.gov.tw/site/Tj/ct.asp?xItem=24543&ctNode=118

Regarding the details provided by PSG - there is probably not that much more they can advise at this point. It is clear they are 'riding' the current shareholder discontent and banking on the fact that there will be enough shareholders that want to keep the PI-88 'dream' alive to vote out the current BOD! It wouldn't be the first time this has happened.

Overall the 'lure' of $70M+ cash is the big prize. The 8th Jan is only 1 month tomorrow so not long to wait.