Ann: Supplementary Bidder's Statement, page-7

All IMHO,

1. The 18/03/2024 statement is far more informational than any of the previous statements in regard to delisting.

2. In the 18/03/2024 statement, there there are no "red" highlighted statements and is not intimidatory.
The work "risk" is only used once in 18/03/2024 statement, but four times in the 01/03/2024 statement


3. The extract below from previous "Supplementary Bidder's Statements" would IMHO appear at first glance to small holders, that PACT delisting will occur and the ASX will guide the process - this was my partner's initial view after reading the letters.

The 18/03/2024 statement is far more informational and broadly outlines the delisting process.

4. It would be my hope that the "Takeovers Panel" will look at all the "Supplementary Bidder's Statements" in context and intent, and then make an assessment whether any of the small "Mum & Dad" holders would not have accepted the offer, if the 18/03/2024 statement outlining delisting was included in the previous Supplementary Bidder's Statements.