Just out of interest have a look at some of the signatories on the CYT announcement.
Dr Tom Duthy is the well respected and rated biotech analyst from Taylor Collison, Clive Powell who's one of the elder statesmen of the Sydney stockbroking fraternity, Paul Salteri who's family owns Tenix and worth many hundreds of millions and Brad Ross Sampson who runs the EG Capital bioequities fund and not to mention JP Morgan Nominees!
These guys are no lightweights!
They've been planning this for a while and IMO none of the above would've either voted for the incumbent PGL board at the recent EGM and certainly wouldn't have voted for the new directors proposed to replace them.
This will be interesting to watch play out.
I understand that CYT is in any event only after $10 to $15m of PGL's cash and hence can provide far more cash in a buyback to PGL shareholders.
Regardless the PGL shareholders make the ultimate decision here and it appears they want far more cash back than the current proposed $30m...ie. $50m + and these guys listed above may elect to let some ride with CYT...the AVX/PGL deal cannot deliver this simple as that.
PGL Price at posting:
85.5¢ Sentiment: None Disclosure: Not Held
