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TDL - TBG Diagnostics

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Re: PGL - Progen Industries

Close yesterday: 59.5c
Close today: 80c

Strategy announced at AGM today:
"1. That we will announce, within 45 days from today, terms of an M&A
transaction able to deliver a value to shareholders in excess of a $1.10 per share. This will be prior to the 14th January 2009.
This will likely require shareholder approval.
At this point, we envisage that part of any deal would involve a capital return to shareholders.

2. Should this not occur, the Board will recommend that the entire capital of the Company (less liabilities and allowances for the continuing statutory and other costs) be returned to shareholders. This is a sum we currently estimate by February to be approximately $70 million, or about $1.10 per share.
This would require shareholder approval."
 
Re: PGL - Progen Industries

AVX tried to get its hooks into PGL's cash, but failed. PGL is now going to buy back 60% of its shares at $1.10/share.

The interesting thing will be to see what happens to the share price after the buy-back. Previously, it was trading at under 60% of the value of its outstanding cash in the bank. Will that market valuation continue, or be better or worse, given that what remains of the company will be dedicated to regional development of PI-88 in Asia and its existing commitments to Cellgate and Medigen.
 
Re: PGL - Progen Industries

Hi Kremmen,
Your last two posts unfortunately show that the BOD are incapable of following their own recommendations. Why is that so, and what should shareholders take from that? It is not a good look from where I stand.
 
Re: PGL - Progen Industries

hi im just wondering whether anyone can help me out - i currently own about 200 odd pgl shares (not even worth 500 so i cant get rid of them unless i want to buy more first), and i want to know whether the 1.10 buy-back that the company is doing in the near future will have a "minimum" type rule whereby they will buy-back the first 1000 (or some other amount) shares that people hold.

ive noticed the company's announcements saying that they will be able to buy back 50% or something of shares currently on issue, and therefore based on everyone accepting the buy-back, the company will purchase 50% of each holder's shares.

just trying to tidy up my portfolio and dont want to get left with a situation where i have 100 odd shares in pgl worth not much at all.
 
Re: PGL - Progen Industries

matti,
Have you actually tried to sell the shares? My understanding is the $500 limit is for buying, there is no limit on selling. But having said that, I'd hold on and see how the buyback pans out first. Re your second Q, you may be best off reading the buyback proposal or ringing the company.
Cheers!
 
Re: PGL - Progen Industries

Sainter said:
matti,
Have you actually tried to sell the shares? My understanding is the $500 limit is for buying, there is no limit on selling. But having said that, I'd hold on and see how the buyback pans out first. Re your second Q, you may be best off reading the buyback proposal or ringing the company.
Cheers!
Click to expand...

hi sainter

thanks for the info. i had always assumed that there was a $500 minimum for selling since that is the case for buying. this makes things much easier (especially since i have so many small shareholdings currently not worth too much ...).

thanks

matt
 
Re: PGL - Progen Industries

Announcement to the ASX today: The buy-back was under-subscribed! Shareholders who tendered shares to the buy-back will receive full payment for all of them!

Those who bought at 80c in Nov have made 37.5% profit in 5 months in a dodgy market with almost no risk. :)
 
Re: PGL - Progen Industries

There ought to be a prize for the listed company who can achieve the lowest price per share relative to the highest cash-backing per share: PGL's current SP is about 40% of cash backing: (snapshot and stats from current comsec data page)
Progen_capital_statsAug2011.png


Shares on issue: 24,000,000. Book value per share: $0.61,
hence Price/book ratio: 0.41.

A couple of years ago (as referred to in previous posts) Progen did a capital return to shareholders, which was a win for holders including the Johnny-come-lately's. Wonder if they're likely to do something similar again?

In the meantime they've licensed out what was once their maybe/could-be wonder-drug PI-88 (licensee is continuing trials). Otherwise there's not much happening. 18 months ago they poached as CEO Sue MacLeman, formerly from Benitec/BLT which I thought might signify a new beginning. Maybe it's just taking a while ... :p:

Discl: don't hold & haven't. Was pretty interested 3 years ago when Progen was courted by Avexa/AVX, which I did hold (and do).
 
Re: PGL - Progen Industries

I've been watching too, and am similarly puzzled. PGL was actually the first company I bought into (that's why I watch), I was one of those Johnny come lately folks who took advantage of such an obvious situation when it was pointed out to me by a friend. I also traded AVX for a while because of it, although I haven't held either for a fair while now.

PGL just doesn't really have anything happening, so no one takes any interest. They have a lot of money, but they're stagnant. You couldn't buy much at the current price, PGL is pretty much illiquid and has been for a long time.
 
Re: PGL - Progen Industries

Clarification to my previous: CEO Sue MacLeman is leaving this month, as announced last June. I must be catching PGL syndrome - asleep on the job.

CEO position not being re-filled: This company is setting a new benchmark for inactivity. Are they seriously going to have the odd director's meeting, file the obligatory annual reports (would take all of 5 minutes) till the end of time...?
 
Re: PGL - Progen Industries

Progen zombie twitching a bit lately:

20120222_PGL.gif


There's been a couple of fairly promising announcements on their project list: PI-88 remains undead, joined by PG545, which insistently gurgles from under the coffin lid.
(refer to ASX announcements)

Market liquidity very low, but upward.

Discl: I now hold (nervously).
 
Re: PGL - Progen Industries

Hi,

Very illiquid stock (only 20,000 shares were traded today) but it was enough to push the share price up just over 17% on the day. This was the last announcement (but important one) to the market on the 30th December (last year).

PATRON Trial Completes Patient Recruitment
Brisbane, Australia, 30 December 2013. Progen Pharmaceuticals Ltd (ASX: PGL, OTC: PGLA) (“Progen” or “Company”) is delighted to announce that PI-88 licensee Medigen Biotechnology Corporation reached the target enrolment of 500 patients for the phase III. PATRON trial being conducted in 25 medical centres in Taiwan, South Korea, China and Hong Kong....

If you would like to read all of the report, then you can do so by clicking on this link:- http://stocknessmonster.com/news-item?S=PGL&E=ASX&N=776389

140122 - PGLs.gif​
 
Re: PGL - Progen Industries

Progen Pharmaceuticals Limited is involved in the discovery, research and development of potential biopharmaceutical therapeutics for the treatment of human diseases. The Company also provides contract services related to the process development, manufacture and quality assurance of biological products.

As to what is creating this increase isn't due to any announcements - as there hasn't been any this month:eek:

140128 - PGLs.gif
 
Re: PGL - Progen Industries

Hi,

Well another big day for the stock having jumped up 28.5% but only on just under 50,000 volume. It closed at its high of 54c but this wasn't before the company had received a "speeding ticket".

Here is the company's reply to the ASX price query:- http://stocknessmonster.com/news-item?S=PGL&E=ASX&N=779818

Enjoy the ride whilst it lasts... This is not a tip but remember to do your own research prior to purchasing or selling shares in this company (or any other);).

Regards
PB
 
Re: PGL - Progen Industries

Small volume, but with every sign of a patient accumulator.
If something pops out to justify this rise - some biotech or corporate announcement, could not the question be asked about insider trading...?

As for yourself PB, looks like you've hit a winner. But anything could happen next.
 
Re: PGL - Progen Industries

One of the more bizarre chart pattern I've ever seen.

Capture.JPG
 
On February 2nd, 2016, Progen Pharmaceuticals Limited (PGL) changed its name and ASX code to TBG Diagnostics Limited (TDL).
 
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