Ann: Supplementary Target's Statement, page-190

@BenMcG, I agree.

On a side note regarding unethical actions that arguably breached applicable regulations, back in mid-December following the variation of Offer price the representatives acting on behalf of RG called and texted my elderly mother encouraging her (me) to accept the offer. All of my shares are under my personal account and nominee accounts where I am the only registered holder.

I had previously opted out of communications through the appropriate email link yet they called her directly on her mobile, which I should note is also on the Do Not Call Register. I just happened to be visiting her for the holiday period and since she thought it must have been an urgent call she requested that they call back to speak with me.

When RG’s representatives called her back, I questioned how they received her number. They initially stated that the number was registered with the Share Registry, which I informed them is most certainly not the case. They subsequently admitted that they also use “third-party” services to try and obtain shareholder contact details. I am a shareholder of a numerous ASX listed companies and all other companies that have communicated with me directly have done so successfully through the information readily available through the share registry.

In addition to the unsolicited communications, the (naturally) biased information that has been communicated has no doubt made less informed investors feel pressured to sell their holdings. Like most people (and presumably everyone here), my intention is always to make a (long-term) return from my investments but ethics and integrity in business have always been a priority. It’s a shame that not everyone feels the same way.

I had not originally intended to share the above since my investment decisions are free from emotion and bias but the communications and actions taken on behalf of RG and his team clearly show his desperation to increase his holdings. Additionally, it is clear from other posters that they have been feeling isolated so it is pleasing to hear that this site has ensured some degree of comfort.

I know that some investors are concerned about Pact potentially becoming private. If that was to happen there are numerous channels that can be established for communication amongst minority shareholders. Additionally, shares can still be sold / transferred although it understandably is not as easy as it is for listed entities. RG is aware of this and will continue to use it as a scare tactic.

Even in the unlikely event that RG was successful in his application to take Pact private (without reaching 90% ownership) it would make it increasingly challenging for him to succeed in acquiring sufficient shares in the future to reach the 90% hurdle. Additionally, a (minor) silver lining is that if Pact was indeed delisted, their cost base would reduce, which would benefit any remaining shareholders.