From the AFR articles (Post #: 3633075 by biotechinvestor ), Mr. Moses made a good point when saying ".. nearly all of the substantive terms of the merger agreement favoured Avexa shareholders and at least one clasue specifically disadvantaged Progen shareholders by effectively denying the company a right to appoint its own expert to assess the risks and merits of the merger for the Progen shareholders."
The claim from PGL board that "... Exchange Ratio is based on Avexa’s share price of AUD$0.105 per share (prior to transaction announcement) and an implied value of AUD$1.35 per Progen share" is a joke.
The above claim contemns PGL's shareholders' judgement. The actual value of the deal is pointed out in AVX thread that "... placement of 542.5m Avexa shares at $0.092 each raising $50m"
Is it fair to PGL shareholders to acquire AVX shares at $0.092 per AVX share ?
What is the risk assessment when betting $50 millions on one ATC ?
Why the PGL board did not release the valuation from PriceWaterhouseCoopers and the review and recommendations provided by Beerworth and Partners to PGL shareholders ?
Independent view and valuation are required. However, PGL shareholders' right are denied by the current PGL board.
The AGM on this Friday is a chance for PGL shareholders to tell the current PGL board : removing the underperformed/self-interest directors/chairman, voting new biotech veterans into the board so that they will have independent view/assessment.
From the AFR articles (Post #: 3633075 by biotechinvestor ), Mr....
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