Just read through the Jan 9th Meeting Documentation.
Have the PSG got enough votes? They may well have considering the AGM Directors Remuneration Motion which was voted down. There certainly seems to a few unhappy shareholders out there!!
It seems there is a genuine belief held by the PSG that PI-88 still has a future - ie the Taiwanese company prepared to undertake Phase III Trials.
Overall this situation should 'spur' the current board to strongly pursue an M&A deal which will hopefully result in an overall consideration for shareholders higher then $1.10 by the 8th Jan.
If the current board are successful in some type of merger which realises a price say well above $1.10, shareholders might be a lot happier about the situation and the PSG action will have a much reduced chance of success I would think.
In terms of how good the M&A deal could be and how it might affect the Share Price - this is the '$64 question'.
The Chairman's AGM address mention the words 'potentially significant value' which could be interpreted perhaps to be a value well over the $1.10 cash value?
PGL Price at posting:
75.5¢ Sentiment: None Disclosure: Held
