below is an extract of this...

below is an extract of this article
http://www.biotechnews.com.au/article/274624/cytopia_enters_progen_squabble

If this is true that this group of dissident shareholders holds more than 50% of the share, then the merger with AVX shouldn't survive long. What a mess and waste of time this will then be.

"... Cytopia, an oncology company developing a vascular disrupting agent and JAK inhibitors for haematological disorders, has joined with other shareholders in a bid to remove the current Progen board and install three new directors, including former Bio-Diem CEO Tom Williams.

Progen shareholders were unsuccessful in a bid earlier this month to dislodge the current board.

Cytopia said it had joined with the dissident shareholders to urge the spill. The combined group holds over 50 per cent of shares in the company. "