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

I88 trial over seven months ago. The shareholder resolutions proposed on January 28, 2008 allowed all shareholders the option of remaining as investors in a cancer focused biotechnology company, having their shares bought back by the company at $1.10 per share or some combination of the two.

The merger proposal with Avexa Limited (ASX:AVX) only allows for up to a $20 million capital return to shareholders. We believe a large number of shareholders would choose the full share buyback, possibly in excess of 50% of Progen's shares. In this case, they would face a significant scale back.

The full buy back resolution proposed by the shareholders in the meeting requisition was responsibly conditioned, considered a buyback in the context of a going concern rather than winding up the company and was capable of execution had the Progen board so desired. A new board will obviously be able to reconsider the wishes of shareholders.

The current Progen board has denied shareholders the opportunity to vote on all resolutions at the one meeting, as requested. Although it clearly would be in the best interests of shareholders to delay by two weeks the meeting scheduled for March 11, 2009, shareholders will now have to endure the avoidable inconvenience and cost of two shareholder meetings.

The resolutions put forward to the current Progen board did not ask shareholders to vote on any merger with Cytopia and suggestions otherwise are misleading. The independent director candidates have a stated platform of exploring a merger with Cytopia but any such discussions would only occur after shareholders have been given the initial choice they seek.

The members' statement announced on January 28, 2008 provides clarity regarding the intent of the members requisitioning the meeting. All shareholders should be given the choice of a share buyback or staying as investors. A new board is needed to make this po
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SOURCE Cytopia Ltd
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