After delisting, page-9

This is a crucial question. Ask the chairman at the online EGM tomorrow at3.00.

Please see the previous HC posts on this topic.

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You can always buy and sell shares off-market using sharetransfer forms, the old fashioned way. The difficulty is to know who else wants to transact, at what volume and price. There are some possible ways, but I believe nothing established yet.

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1. PGH could help to facilitate an informal market via its website by noting those who want to buy and sell shares- or at least give contact details. Anything like this ought to be made subject to password protection for privacy and fraud prevention There are legal restrictions (Corporations Act and ASIC) on operating markets in shares, so it may only be possible to run this is an investor forum for potential buyers and sellers to contact each other, but not actually trade there.

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2 2. A similar forum might be made from time to time on HC or a similar website. It would be sensible to do so via hot copper (provided HC would be willing to permit that) since this is a site where many PGH shareholders go to post or read comments. There may be other discussion forums for PGH, but I’m not aware of them

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3. . An individual might be willing to set up such a forum, although it could involve a lot of work

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4.. 4 Woulda public-spirited stockbroker be willing to make a market in an unlisted co like PGH? I guess that most would NOT.

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5. Would Computershare facilitate such a market- worth asking, but I doubt it

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In all cases this won’t be as simple as it sounds. There are strict legal constraints on operating such a market (a low number of total trades and value per annum) Participants would need to be careful of potential scams. As a shareholder you are allowed to get an electronic copy of the share register so you could get the names and addresses of other shareholders, to find out who might want to buy or sell. Of course that wouldn’t cover possible buyers who are not current Pact shareholders. It would be a tedious hit and miss method as many shareholders wouldn’t want to be contacted.

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Of all the above, method 1- Pact itself managing a contact forum- would be simplest, but they may be unwilling to help, given their very strident campaign for delisting. It’s worth asking at the EGM to see where they stand on the idea. Is the board just going to abandon the Pact shareholders, who will have to fend for themselves? I fear the answer is yes- that the Board will do nothing more than ensuring Pact complies with its obligations under the law.

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This is not advice. There are several legal complications that must be considered and complied with.