What Now, page-37

Thanks Borg

I find it helps me clarify my thinking, to write out my reasoning to test its robustness. (Also from uni maths training and former work as a professional unlisted equity investor, being forced to state and justify one’s assumptions and conclusions). We cannot give financial or legal advice on this forum, so it is safer- and more helpful- to explain one’s thinking, rather than just state a dogmatic opinion, so that readers can make up their own minds, as they must.

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The HC forum has been good, at least for PGH. I have followed only a few stocks on HC but the quality of discussion on PGH has been useful, especially where people don’t agree with what I’ve written.

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Of course the PGH Board (or at least the so-called independent directors) ought to have provided some FAQ commentary on these matters for the assistance of shareholders who may contemplate holding on after delisting. What the Board has chosen to overlook, in its desire to convince people to vote for delisting and to sell, is that someone must buy these shares. Unless it is RG who buys (and beyond 3% it can’t be, unless he makes another bid) that means another minority investor (existing or new) will pick up the shares, and that person may also want some advice. In the absence of impartial advice from the Board- in fact the opposite- shareholders have been left on their own. This forum has been very helpful for exchange of ideas and providing moral support.