Ann: Supplementary Bidder's Statement, page-4

The extension was always expected, as noted in numerous other posts. RG intentionally left the extension notice until the final minute as a scare tactic. I don’t understand why anyone would sell due to being worried about expiry of the offer.

I have now increased my holdings to 4,250,000 shares; however, I won’t deny that the selling today took me by surprise, and the majority of shares were not accumulated by Manipur. Additionally, the majority of shares that translated at $0.84 at the closing auction were acquired by RG.

I won’t comment on the majority of the statements in the Supplementary Bidder’s Statement since they’re all points that have been addressed numerous times in the past. RG is clearly trying to scare as many remaining holders into accepting the offer as possible in his attempt to reach 90%.

Despite the considerable reduction in net debt, RG continues to mention additional capital raisings, in which I’ll be happy to participate, and as previously mentioned, I have no issue with continued ownership in Pact if it is delisted.

Remember, this is a company with $1.9+ billion in annual revenue and $78.3 million in 1H FY24 Underlying EBITDA, which was a 3.9% improvement on 1H FY23. This improvement was despite the significant capital expenditure in growth, bringing new plants online, upgrading manufacturing facilities, implementing a large cost savings initiative, challenging trading conditions, additional expenses associated with the takeover offer, and, of course, their best attempt to downplay the results.