This relates to the 50m shares purchased by Pioneer Credit.
One of the conditions of the purchase was:
"Pioneer Australia has agreed that, for a period of one year from the Completion Date, it (and its related entities) will act in accordance with a majority recommendation of the board of directors of Paragon made to shareholders of Paragon to support an offer from a third party for shares of Paragon proposed under a scheme of arrangement or a takeover bid (in the absence of a superior proposal) and, accordingly, will vote in favour of the scheme of arrangement or accept the takeover bid, as applicable, provided that the offer price is at least 110% or more of the Subscription Price."
This effectively gave Paragon Care some control of the voting of those 50m shares.
Now that one year has passed, that control no longer exists.
PGC Price at posting:
39.5¢ Sentiment: Sell Disclosure: Not Held
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