IMO, the reason why the current Board of Progen commissioned PriceWaterhouseCoopers and Beerworth and Partners for so-called Independant Reports were simply to provide a "buffer" or "excause" that they did do something. However, these reports may come out with something quite negative to the Board (quite easy to find any!) and the Board decided not to release to its shareholders.
IMO, as Jestus, Progen's current CEO, said at AFR yesterday, "had spent about five months assessing ....before agreeing to the deal". Five months? That was early August!!!! That was well before they hired Beerworth (on 22 August) and PWC (on 24 Nov). So Jestus had already agreed to the terms by AVX before they had indepandant reports!!! Not fair to Progen's shareholders!!
Stange to me why Progen with $70M on hand and rush to bet on one project??? Maybe Justus just wants to keep his pay cheque(he made $600,000 in Year 2008!!!) at the merged company.
PGL Price at posting:
83.0¢ Sentiment: None Disclosure: Held
