Big shareholders would vote against the deal because there was no liquidity in PGF to exit. There was a question in the meeting asking specifically about a "particular broker" being responsible for the increased volume and prices on the days that PAF releases their update of the relative attractiveness of each offer.
It also questioned why PGF historical discount was not taken into consideration. Tbh it was a really interesting scheme meeting and the responses that I heard just didn't fill me with confidence re PAF board. After today it will be a slow burn but i think WAM will eventually end up absorbing PAF. Sooner or later PGF will need to do something otherwise risk being a minority holder of PAF themselves.
PAF Price at posting:
$1.11 Sentiment: Hold Disclosure: Held
