progen to merge with avexa, page-11

Agree to you, Decan.

The reason why Progen said to spend $20m for buy-back is simply 18.2M shares x $1.1 = $20m. The 18.2M shares are likely from the Institutional shareholders, such as Northcape (holds 8%?) etc.. and the Progen Boards very likely to use this buyback to win their supports. In fact, this 18.2M shares represents only 30% of the issued capitals of Progen (Total ~ 61M shares issued).

I think Progen will need a least another $15M~$20M for buy-back simply those smaller shareholders who hold the other 70% of PGL wants $1.10 as well. If 1/3 of these 70% wants $1.10 per share, then PGL needs to buy back another 14M shares, that is $15M. AVX will only get $35M, not $50M cash for them to spend.

If you are the shareholders of Progen, which one you will choose, $1.10 per share buy back or sell your share now at $0.725?!!!!!!!!