In my 20+ years of investing, I have never experienced such...

In my 20+ years of investing, I have never experienced such manipulation in an attempt to trick and bully shareholders into accepting what is very clearly an unfair offer that significantly undervalues Pact.

To put this announcement into further context, on 29 December, Raphael Geminder reported that he held 292,061,956 shares up until 28 December 2023 (inclusive). 2.5 weeks later, and he has only just calculated that he only owns 290,546,005 shares.

Since the date of change is listed as 15 January 2024, we can only assume that the number in the report today is accurate as of the end of trading yesterday. Williamteddy (post #: 71821783) calculated that he held 290,033,137 shares as of 9 January 2023, which indicates that despite persistently harassing shareholders (and non-shareholders) to sell their shares, he has only accumulated 512,868 shares in the past ~one week.

So how many shares did he actually own on 28 December 2023, and how many people accepted the offer based on the inaccurate numbers he has been reporting, including the ~85% that he has been claiming for weeks?

If my calculations are correct, there have been 13 trading days since his previous announcement, and they’re trying to say that they only just identified the discrepancy? Did they not manage to receive any acceptances on the other trading days that would have warranted the filing of an Appendix 3Y in accordance with ASX listing rules?

How can we trust the reporting moving forward? I’m assuming no meaningful action will be taken by the ASX and other relevant bodies.