The stock doesn't have potential while it is run by the current board. In the unlikely event that the merger goes ahead.....Chick will, on 30/6/09 get a cash bonus of $250,000 PLUS 500,000 shares or, if shareholders don't approve the share issue, an extra $675,000 in cash! Ref p40 "Progen Meeting Documentation"
A bonus of $925,000 in cash or cash & kind......for what?????
I repeat....FOR WHAT???????
THAT IS ALMOST 2% OF THE money Progen would bring to AVX.
If the AVX board was so sure that ATC was a 'sure thing' and really understood that the most important thing to the survival of the company .....why would the CEO even contemplate receiving such a 'corrupt' payment.
Drona, the self proclaimed 'darling of the M & A world'.....CV refers to him being managing director of Challis a New York based investment bank. Doesn't refer to the fact that he and a mate started it up in 2004, or thereabouts, and seems not to exist anymore!
AVX board join PGL board as self interested 'crooks'!
Have PGL..out of AVX
AVX Price at posting:
7.0¢ Sentiment: None Disclosure: Not Held
