What Now, page-31

Delisting Far From Overwhelming — One Shareholder, One Outcome

Headlines stating that shareholders "overwhelmingly" backed Pact Group’s delisting from the ASX fail to tell the real story. Yes, 90.73% of the vote was in favour. But what those headlines ignore is that one shareholder Raphael Geminder controls nearly 88% of the stock and used that control to force the outcome. The remaining entire body of minority shareholders representing thousands of investorsoverwhelmingly opposed the delisting.

This wasn't a genuine democratic vote. It was a foregone conclusion engineered by a dominant shareholder with the power to push through a decision that benefits himself while disenfranchising everyone else.

The vote tally tells a different story when viewed properly:

• Raphael Geminder voted yes with 88% of the shares.

• Nearly all other shareholders — the remaining 12% — voted NO!

To call this "overwhelming shareholder support" is not just misleading it's insulting to the small investors who supported the company over the years, only to be locked into a private structure with no liquidity, no transparency, and no recourse.

Delisting without a share buyback or any form of liquidity facility effectively traps these shareholders in a company that no longer has public oversight. It strips away the protections of ASX listing rules, continuous disclosure obligations, and market-based valuation all while handing Geminder total control behind closed doors.

This vote wasn’t about shareholder democracy it was about shareholder dominance. And it sends a chilling message to retail investors in Australia: if you’re not in control, your voice doesn’t mattter!

Minority shareholders deserve better than being used as window dressing in a process designed to appear fair. The truth is, this wasn’t a landslide but a foregone conclusion.