vote buying: serious issue, page-6

Ousia,

Your posts are very informative and you tell it how it is.

The following os an excerpt from 'The Age' (Ari Sharp)

<Ari Sharp
March 7, 2009
THE board of Progen Pharmaceuticals has launched a last-minute campaign to get its merger with Avexa over the line next week, offering stockbrokers financial incentives for clients who lodge proxies in favour of the deal. But a court ruling scheduled for Monday may deliver a significant blow to the merger plan.
In a campaign BusinessDay understands is being co-ordinated by PricewaterhouseCoopers on behalf of Progen, stockbrokers will pocket a "broker handling fee" equalling 0.75 per cent of the value of the shares of clients who lodge proxies in favour of the deal. The payments can range in size from $40 to $500.>>

Full text link: http://business.theage.com.au/business/progen-sugars-avexa-merger-20090306-8rib.html

I find it difficult to accept that buying affirmative votes is within the law. That's a lot different from simply encouraging holders to vote.
"Broker handling fee"....what a load of cr@p!!

With the three directors holding very few shares between them, your take on their motive is the only one that seems to fit.