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Progen Concedes Shareholder Requisitioned Meeting
Date:2/18/2009

-- Progen board;

- finally accepts legitimate call by shareholders to general

Meeting;

- will not allow shareholder vote on full share buyback; and

- persists with high risk, high funding, Avexa merger proposal.

-- Shareholders denied single meeting with refusal to align meeting dates

Shareholder Meeting scheduled for 27 March 2009

MELBOURNE, Australia, Feb. 19 /PRNewswire-FirstCall/ -- A general meeting of Progen Pharmaceuticals Ltd (ASX:PGL) shareholders was validly requisitioned on January 28, 2009 by Cytopia Ltd (ASX:CYT) and 14 other Progen shareholders. The resolutions sought to achieve two outcomes:

  • A full share buyback accessible to all Progen shareholders
  • Removal of the current board and appointment of three new independent directors

The Progen board has announced that shareholders will be provided the opportunity to elect a new board but has refused to put forward the first resolution proposing the full share buyback. The shareholder meeting has now been called for March 27, 2009.

The director candidates for the Progen board are well qualified to act for shareholders and their biographies are summarized in the request for general meeting announcement on January 28, 2009 (ref: www.cytopia.com.au/announcements09.html). Importantly, they will be committed to fully advancing the strategic goals announced by Progen on November 13, 2008. As well as being independent, they will focus on the best interests of the company and all of its shareholders and be receptive to their wishes.

The current Progen board has continued to deny shareholders the choice being actively sought since the abrupt termination of the P
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SOURCE Cytopia Ltd
Copyright©2009 PR Newswire.
All rights reserved

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