Ann: 2022 Annual General Meeting Presentation, page-85

Correct, the need to do a great deal of work internally to stream line how they deliver pricing increases. You just have to go back before the current CEO and that CEO fell on his knife purely because he didn't go to market with price increases fast enough.

The scale of Pact and its manufacturing operations together with the capital required to compete with them has created a barrier to entry for any sizable competitors.

They have issues with service levels and relationships with customers. I am sure that if there was an alternative supply option customers would be moving.

The only thing that I can say is that costs have moved incredibly quickly and not just from one segment but from another.

I have not read any of their annual report, however the big elephant in the room is when will their electricity contracts expire? In the current market it would mean an almost doubling if not more of electricity costs, now that will be a huge price increase in the market.