Ann: Appendix 3Y (Raphael Geminder), page-4

Don't underestimate whats going on in the business. it is kaos in any packaging business at the moment.

Hand sanitisers soaps etc.. are in huge demand and most of the rigid packaging comes from PACT!

Ruffy is not a fool and him topping up his holdings is as a result of 1. he believes that the SP is well over sold. 2. He is trying to protect the SP so that he hasn't got an issue with the banks on the debt. 3. he could be protecting PACT from overseas raiders which would be looking at PACT together with the currency where it is as a really cheap buy.

As for making an announcement as to what is happening, near impossible due to things moving so quickly and the potential to start shutting factories either due to the virus or due to customers shutting.

I have followed PACT closely and believe the SP has been well and truly oversold, hence why I have bought in. It may drop further due to the markets but a business that has its staple income from being aligned to food and pharma will ride out any length of a down turn!