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

Yes- an exciting extra 0.36% for the billionaire who already has everything, and perhaps some more today before the lights were switched off.

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It was exceptionally thoughtful that the Board lifted the share trading blackout period. I wonder if any of the other 5,000 employees of Pact dared to take up that helpful opportunity.

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Now that Mr Geminder has got his wishes and cast all Pact’s minority shareholders into darkness, and even less investor communication than we have had to date, I ask the Board for a small favour. Please stop insulting the collective intelligence of the other 1,700 shareholders and stop Chua and Wachtel referring to themselves as “independent directors”. They are not independent and have not been for at least 18 months.

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See you on the other side.