25 percent short term upside, page-3

Hi MRNOIDEA:

Agree with you points.

IMO, Progen board annouced to return capital @$1.10 per share at its AGM on 24 Nov, that was 10 dyas after the EGM requested by PSG was confirmed by Progen. Progen's board did that simply to get the supports from Institution shareholders who want othing but cash. Therefore, the current Progen's Board survived.

Though PSG announced they will return cash without cap (could be up to $40M for $1.10 per share) on newspaper (9 Jan, Financial Review), PSG, by law, could not change the Resolution Paper by adding one more Resolution which indicated PSG will also conduct the uncapped share buyback. As we all know that the Institution shareholders, even in fact they might prefer PSG, they can not support for PSG just simply there was no capital return as proposed by PSG as one of the Resolutions at EGM.