Ann: Takeover offer for PGH - Letter to shareholders, page-3

I went through a situation much like this last year, with another company.

The process was similar. The company that initiated the takeover put in a low offer that was recommended by the board. Letters and other correspondence (like this one) were sent out to shareholders warning them of the possible consequences of a small share float etc. In the end I took the offer, but I later regretted it.

As in this situation, another company built up a stake and forced a second takeover at roughly 3 times the original offer price. It took a year or so, but had I waited and held I would have had a much better return.

I've been in PGH for years and from a much higher price. My holding is not large, and based on my previous experience I am planning to hold to the end. I really don't appreciate the way that this has all been handled. It seems to me now that this has been Raph's plan for years.

With this new group taking a position, and the amount of small holders still on the register, there is real potential here for a higher return in the future.