cytopia vs progen vs avexa.

OK so I gather that the Progen takeover bid is old news but does this new legal action likely to mean anything for AVX?

Taken from http://www.businessspectator.com.au/bs.nsf/Article/Progen-launches-legal-action-against-shareholders-pd20090804-ULHAK?OpenDocument

NEWS

11:08 PM, 4 Aug 2009

Progen launches legal action against shareholders

By a staff reporter

Biotech Progen Pharmaceuticals Ltd has launched legal action against some of its shareholders, alleging they have contravened the Corporations Act.

In a statement to the Australian Securities Exchange (ASX), Progen said it had launched legal action in the Supreme Court of Queensland against 17 shareholders - both individuals and companies - on the belief the respondents had acted in concert for the purpose of controlling or influencing the composition of the company's baord.

"Progen is seeking an order restraining the respondents from further contravention of section 606 of the Corporations Act 2001, and further or alternatively, an order vesting all of the respondents’ shareholdings in Progen in the Australian Securities & Investment Commission," it said.

Progen announced on July 1 it had elected four new board members, with the previous board members all resigning.

Only managing director Justus Homburg stayed on the board at the request of the new board members.

Progen had sought a merger with Avexa earlier the dael, but the deal was scuttled by Progen shareholders and rival Cytopia.

Progen Pharmaceuticals withdrew its proposed merger with Melbourne’s Avexa earlier this year, after a group of shareholders lead by rival suitor Cytopia stymied the deal with a call for a share buy-back.

ENDS.

Any thoughts? Things have been quiet on the AVX front lately. I know there are believers out there. Speak up!