For 150 parcels at $500 + can stop it from delisting at 75%,...

For 150 parcels at $500 + can stop it from delisting at 75%,

Also, the delisting is also required


What it means it right now, even though, passed 75% threshold of votes, RG can't delist it because there are more than 150 parcels of more than $500 plus there are still funds with nominees in here. He would need to cast a special revolution votes excluding his counts to delist it. But, like everyone up here still holding onto shares, do you think we would agree to the delisting? NO NO. So he can't delist it.


If he reaches 90%, things get complicated. He will launch out a compulsory acquisition (correct me if I am wrong). At that stage, he must provide an independent report and give us at least 1 month notice to reply whether to his new buy out right price or at 84cents/share. If many of us don't accept to it, the only way is to go contest for the Court to determine is it a fair value? But at that stage, do expect a headache with legal cost to challenge at Supreme Court.

So, right now, it is urged that we hold back our shares, sell or buy at higher than 85 cents please. As you can see, a fund and many already uplift our buying and selling price to avoid the compulsory acquisition. As long as he couldn't get to 90%, things don't get bad. So, it is our burden to keep 150 parcels of more than $500 or a fund with nominees and price doesn't go down to his 84 cents on the market.

The proposal is that, if he couldn't get to 90% by February or whenever, he will launch a 3% creep up rules every 6 months. 3% constitutes to over 10 millions shares and price will rocket. Once, he get there under creep up rule, he can't just go offer 84 cents/share as independent report at that stage will prove otherwise (say around $1.xx +). That's why RG wanted to get to 90% as quick as possible so he doesn't have to use the creep up rules to pay more for the remainder shares.

The only alternative now that we can try our luck before he reaches 90% is to go to the Take Over Panel to appeal to them that RG's bid is 'unacceptable circumstances'. We need evidences, a lead applicant and a lawyer, pretty much. The cost is $2400 (application cost) + $1000 (Asic conference cost)+ legal cost (prepare a submission and liaise with Take Over Panel). If we win, and if the Panel decided to give order for RG to hand over these shares to ASIC for sale back on the market, we don't have to worry about delisting or compulsory acquisition. Keep in mind that if RG's plan to appeal at the Court, it won't be us, but he has to appeal against the Panel's decision and let's say, RG wouldn't want to try it even he has money. The issue here, is it necessary when he only has under 85%? I am still working on it and will keep you guys updated.

Other options are that, say right now, price is around 85,5 cents and he couldn't take it down for himself nor delist it, Pact wanted more money for their capital spending, so they issue more shares, at that stage, RG will buy his end, and us will buy out and ditch it out over time to get the money back. If it gets to that scenario, everyone will have to make a choice to buy, consolidate or sell their shares. Whatever it is, there will be a slight fluctuation at that point in time, but will smooth out in the future but also implying more shares are pumping back onto the market and RG will have a harder time to take it out as more shares are being issued by then.

We see how it unfold out in a next couple of days