Ann: PAC provides update on Strategic Transaction Process, page-3

I found that statement bordering on embarrassing from River Capital and the way of the proposed structure, plus the price.

If this sale process falls away of all parties, I don't see how Tony Robinson should continue to hold the position of Chairmen, he is totally conflicted.

Ideally, i'd like to see GQG proceed at $11 and take the risks with the scheme of arrangement. They will need perpetual and Regal on board though.

There is a precedent of getting these deals down, although it is unlikely.

In April 2015, TPG Telecom held a 19.9% holding in listed Amcom to prevent the takeover. Vocus proceeded with a scheme of arrangement, with shareholders voting in favour of the offer, with 77% of shareholders voting in favour.