Hold vs Accept vs Sell on Market, page-46

Thank you for taking the time to look into this, Williamteddy.

Pact acquired TIC Retail Accessories in 2018 for a significant cash and share consideration. Please refer to the following announcement dated 15 August 2018: https://hotcopper.com.au/threads/ann-pact-group-announces-acquisition-of-tic-retail-accessories.4360098/

At the time of the acquisition, Pact's share price was ~$5.50 and experienced a multi-year steady decline. The two founders and directors of TIC Group have been long-term shareholders. Undoubtedly, they are very disappointed with how the share price has performed, and despite their long-term support, they (like all other holders) are being encouraged to sell.

You will notice that their accounts are included in the Top 20 Largest Shareholder list published in the Pact 2023 Annual Report. Unfortunately, it doesn't appear as though they have been acquiring shares but at least they do not appear to have sold.

Since they collectively hold approximately 3% of shares and obviously have a long-term relationship with Pact / RG, I would be highly surprised if they haven't been contacted by RG's team to promptly accept the offer if it was indeed their intention to do so. However, the risk of them or any other large shareholder selling remains a valid concern, which is out of our control.