Ann: Change of Director's Interest Notice , page-6

I would suggest that its a little more complex than that.

The PACT group is the leader in Rigid plastics in ANZ. PPG esentially is a distributor that not only does some manufacturing but predominantly distributes industrial consumables. I suspect that the PACT group has reach a threshold where the ACCC will challange any further consolidation in the rigid plastics arena. that then allows Pact to purchase those businesses by PPG. leaving Pact with control. Eventually I suspect that PPG will shed its manufacturing of Rigid plastics back into the Pact group (providing savings for PPG & Pact group) The Pact group can then have a broader product rang to bundle with its customers making it harder for competitors to complete.

The real potential for PPG is;
1. Purchase NCI which Pact has a 19.9% share
2. Purchase Viscount which has been up for sale but no buyers want the total business
3. Purchase HP Plastic which is burdened by debt

These three purchases would turn PPG from a $120m turnover business up to a $500m to $550m turnover business with significant synergies. This would then bundle Pact's major competitors into a nice little group which Pact controls anyway.

An incredibly interesting play by Ruffy. Will smaller shareholders win? possibly!