The SP of Progen went up from 78c to 83c today with increased volume. Since the dealine to cast the vote for this Friday's EGM is tomorrow 10am Brisbane Time (7 Jan), whoever bought the share today is too late to vote. Therefore, whoever bought PGL shares today are expecting the PSG led by Mr. Bob Moses, former VP of CSL, will win the Action on EGM and then terminate the discussion of merge with AVX. PSG had expressed its proposed three options on yesterday's AFR by which the Progen shareholders could choose one option from the following three, including
(1) get $1.10 per share for all of your holdings, or (2) retain all of your shareholding as shares, or (3) get some cash back at $1.10 per share and retain the remained balance of shares and may get better returns from the new direction by Mr. Boses's new Board.
If my analysis is correct, then we shall se the SP of PGL shall go up above 90c since anyone buys the shares have the potentials could get $1.10 cash back.
Any opinion will be welcomed!
PGL Price at posting:
75.0¢ Sentiment: None Disclosure: Held
