Ann: Takeovers Panel: PGH Panel Accepts Undertakings, page-4

I agree with richardwth. This is a positive and expected approach.

In addition to the off market acceptances, unfortunately some shareholders sold on market and into the bid during the days immediately prior to the application to the Takeovers Panel. Additionally, I believe that numerous holders accepted the offer prior to 1 March 2024 based on what I believe were intentionally misleading statements although they may have indeed been factually correct.

Hopefully all shareholders will now be better informed regarding the tactics that have been used to date and the lack of integrity. The primary positive is that there should be a shift in the accuracy of communications moving forward and there will be greater scrutiny of such communications.

The Board is likely to remain silent and / or will continue to only act in the interest of RG. I’m surprised that at this juncture we have not seen any resignations.

Kin Group / RG has made it clear that they intend to reconstruct the board, there is clearly a higher potential to be dragged through protracted litigation, and the Board (other than RG, of course) have sold their holdings at a loss and therefore have no upside exposure beyond their remuneration. One has to wonder why a professional individual would wish to continue to hold such a position where their integrity is clearly in question only to receive their directors’ remuneration.

On a different note, trading over recent weeks has been positive.