Ann: Intention to Make Takeover Bid, page-148

they had no luck with the first bid, so they tried to increase the bid (my guessing). They hoped to convince traders to sell them off market from last few days trading to get quick profit.

We will see the details by Monday or sometimes next week. Having said that, Geminder had no luck in reaching 75% target, so now he tried to build up slowly by convincing traders to sell it to him.

Whatever the strategy he comes up, I think fund managers will hit higher price. Last few days, he bid for 68 cents, it shot up and fund managers trading down, just above his price, so will we see the same reaction again? I think so.

Let's assume he bid for 80 cents, I think fund managers will shoot it up to 85 cents then drag it down to 81 or 82 cents, and keep trading.

Ever since watching this stock, it's always the pattern for the last 5 years. Pump when there's a news, and sell down to accumulate and keep trading. I will be surprise if those fundies gave up at 80 cents. Why? Has he reached 75 % yet? no way!!! So if he bid at 80 cents, let's say he accumulated extra 2% or 3%, i think it's still long way for him to get to 75%. I would assume there will be another third and fourth bid.

If I think like that, those fundies will think something similar to it. Hold and buy when you can for the third or fourth bid to get your money back guys. If people refused him at 68 cents, and now he increases the bid, what have you lost other than gain some more money by our intention to hold back our shares? If he bids at 68 cents, failed, and if 80 cents, fails again, it could keep increasing until no more comments from us (which I doubt it). By then, everyone is loaded again and I do hope it goes that way for every one sakes.


There has been no record that Geminder had successfully privatised a company. Even if he gets to 75%, there are still independent reports to assess the company value, plus Board's decision and ASX approval. Worst comes to worst, bid getting higher, we could still block him with ASX with class action that could seriously delay his privatisation.

By then, Pact enters a new cyclical high and we jump out then.

Just my opinion.