Ann: 2025 Notice of Extraordinary General Meeting, page-16

Mr Geminder gave a masterful display of obfuscation and sticking to the party line at the EGM. In reply to a shareholder question he said ‘we used the man who wrote the book on takeovers’- but didn’t explain that “we” meant his personal interest, not Pact’s. In the context he managed to convey the impression that “we” meant the same thing as Pact and that anyone who said the takeover “failed” was unfair and not a friend of Pact. He singled out “a handful” of big shareholders as being obstructive and that “we” (i.e. RG) would have mopped up 100% if not for the annoying large minority investors who blocked him by buying more shares! His answers to most other questions were clever but ultimately didn’t answer the question properly or at all, or were misleading. This is the problem with a “virtual-only” meeting. Shareholders could have debunked these half- truths more robustly in person.

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Several shareholders asked good and probing questions; I was pleasantly surprised that RG was friendlier and less dismissive than at the November AGM, but not much was revealed despite this. He was clearly well rehearsed for this meeting.

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He said that the proxies showed that many holders were in favour of the delisting, and it was mainly a few big holders who were against it. That is obviously untrue. Total proxy votes were 303.406m, out of 344.290m issued shares. Thus up to 9.883m shares (in aggregate) were not voted at all, were abstentions or were voted live during the meeting. We will get the final numbers later today.

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For the moment proxy votes in favour were 303,445,529. Out of that the latest 3Y for Mr Geminder showed he held 303,421,079. That means that ALL other proxy votes in favour of delisting were only 24,459 shares. That compares with 30, 876,965 proxy votes against. Of course RG was always going to win, as the ASX – to its shame- did not put him under a voting exclusion. However, the numbers show the truth about what other holders think: excluding RG’s holdings, 99.65% of the proxy votes were against delisting.

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