pgs and what are their motivations, page-5

Dear Pinetree:

I may provide you my personal thoughts for your reference.

1. Progen raised A$100m for the phase III trial of PI-88 on Liver Cancer in Year 2007. They spent A$14m and only get 12 patients enrolled which might be the most expensive trial in the world! It means the BOD and Mangement Team of Progen were doing or knowing "nothing" on their own project and spend money like a crazy man. They may force them to terminate the trial and barry everything so no one could find out the mistakes they had made. Would you believe, by doing that to see the share crash from a few dollars down to 60cents, their CEO was paid A$140,000+ as bonus?!!!

2. The law instructs there will be no more than 1,000 words could be allowed to put into the Statement to its shareholders provided by the parties who request the EGM. That would be the reason why the CVs of the nominated Directors were not included (since CV itself would be more than 1,000 words!).

3. Do not forget the puzzle like "Chicken first or egg first". If you read whole stories more clearly, you shall know Progen's current BOD was pushed by the requisition of EGM by PSG on 14 Nov and then announced the M&A or liquidation of the company by returning all the money back!at the AGM on 24 Nov.