progen dissidents drum up support

http://www.businessspectator.com.au/bs.nsf/Article/Progen-dissidents-drum-up-support-$pd20090106-MZPKX?OpenDocument

Progen dissidents drum up support

Progen Pharmaceuticals Ltd board is facing a group of dissident shareholders that says it has drummed up substantial support to unseat the current members on Friday.

The Australian Financial Review reported it is believed that the dissident group, Progen Shareholders Group, has the support of near 47 per cent of shareholders.

The group, led by Bob Moses, believes a proposed friendly merger with Avexa is not in the interests of Progen investors.

It also says the board has a long history of making inappropriate decisions, including the decision to award chief executive Justus Homburg a $140,000 cash bonus when the company turned in an arguably poor performance.

A meeting is planned for 9 January 2009 with the aim of replacing all but one of the present directors.