Ann: Appendix 3Y (Raphael Geminder), page-2

We are finally told this, at the latest possible time. He had88.04% when the bid closed. It’s strange that there appears to be no regulation to report the bidder’s holding at the end of a bid. We are told this only under the Listing Rules, because RG is a director of PGH, not under the Corporations Act. Well done to all the holdouts.