I think we can still request ASX to consider putting the voting exclusion on RG. There are 5 circumstances that ASX can impose a voting exclusion on, but only 1 of them particularly mentioned 12 months period.
I have a feeling RG lawyers will play with words with other circumstances as they are subjective and can be convinced two ways, whichever way you like it to be. It can work for him but it also can work for us, and since the other 4 circumstances are subjective, it got no timeline. It means even by tomorrow, ASX thinks differently, they can still put the voting exclusion on RG.
5 circumstances for voting exclusion are
1) Where ASX is concerned the reason for the delisting is in relation to a particular transaction or situation that would otherwise require the approval of shareholders that would otherwise attract a voting exclusion.
2) Where ASX is concerned that the removal will have the effect that Pact will no longer be subject to the disclosure obligation.
3) Where ASX is concerned that a security holder to obtain some other material advantage or benefit from the entity no longer being listed on ASX that is not available to other shareholders
4) Where the company has been the subject of a takeover bid in the last 12 months and the bidder doesn’t reach Compulsory Acquisition threshold and the bidder then subject to a voting exclusion
5) Where ASX considers it appropriate to impose a voting exclusion on the delisting
No panick yet, I think. It just more worse to sell out right away if people think it is a bad news. I am sending my letter to them today and wait for their reply.
PGH Price at posting:
90.0¢ Sentiment: Hold Disclosure: Held
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