Ann: Appendix 3Y (Raphael Geminder), page-8

Dear brightpower

Thank you for the compliment. Others on HC have been very helpful, and together we have managed to use calm and commonsense to withstand the bluster from RG. It is a pity that RG resents having fellow shareholders: we share his vision that Pact is a great business with a strong future. Minority shareholders are showing faith in his business acumen. I hope RG can set aside his resentment and focus his skill to make Pact even better.

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On your valuation point, I don’t want to be gloomy but I doubt that Pact will arrange valuations. It’s not their problem and RG wouldn’t want to provide (or pay for) valuations that are likely to show how valuable Pact is v his lousy 84c bid. What Pact must do is provide annual and half year reports, with almost as much detail as when it was listed- see below.

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After delisting Pact is still a “disclosing entity” because of its number of shareholders- and probably always will be (until taken over). Annual reports [of disclosing entities] must be prepared in accordance with Chapter 2M of the CorporationsAct; audited; lodged with ASIC within 3 months of [30 June]; sent to members by four months after [30 June]. The content of these annual reports must be almost as comprehensiveas those of listed cos: the main difference is that they don’t need Rem reports and a few less important details. The fundamental reporting of balance sheet andprofit will not change. Pact must also produce half-yearly reports in accordance with Chapter 2M; subjected to audit or review; lodged with ASIC within 75 days of [31 Dec] Half-yearly reports are not required to be sent to members [but must be on the Pact website].

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This is not advice but I expect you should be OK to use market price on 30 June 25 or market vwap for June or something like that, for 30 June 25 value, because PGH was still listed then. Check with your auditor. For 30 June 26 and later years it may be a good idea for those Pact investors who need a valuation for their SMSF to club together and get a qualified valuer to provide a valuation that everyone could use. It would be wasteful if everyone pays to get separate valuations. I don’t need one, and I don’t know how many Pact investors would. That may depend on how material the % of your SMSF assets the Pact investment is.

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I don’t know whether an SMSF auditor would accept net asset value per Pact share as a suitable value or want something more sophisticated. Check all this with your SMSF auditor, but I expect the listed price would suffice at 30 June 2025. This is definitely not advice.