Ann: Takeovers Panel: PGH -Panel Declines to Conduct Proceedings, page-2

The subject may initially be misinterpreted by some, but it was expected since the Panel accepted undertakings from Bennamon to provide further disclosure and offer certain Pact shareholders withdrawal rights. Additionally, ASIC has granted relief in respect of the relevant withdrawal rights.

We should be receiving a further Supplementary Bidder’s Statement today, which has been reviewed and approved by the Panel.

As previously mentioned, 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.