Ann: Supplementary Bidder's Statement, page-19

"Since the Offer was announced, global conflicts and tensions have increased, macroeconomic
uncertainty has persisted, the ASX All Ordinaries Index is down 4.1%2 and the Australian dollar (AUD)
has continued to decline. Absent the Offer, it is likely that Pact’s share price would have fallen further
in this unstable environment. In this context, the unconditional, all-cash offer of $0.68 cash per share
provides you with liquidity and certainty. The Offer allows you to sell your shares (in many cases
without brokerage)3 and avoid any further risk associated with your investment in Pact"

So what he is saying is that they want you to sell your shares to them at the absolute bottom of the market, applying a bunch of short term factors to your long term investment. Buy HIGH, Sell LOW... sounds like a great investment strategy. Short term instability is a fact of life whilst investing in the share market. There is always a global conflict around the corner. There is always macroeconomic uncertainty persisting. Rubbishing on about short term global conflicts and tensions should not be affecting the long term prospects of the company... really it is about long term strategies to outperform competitors, that should have been put into place by the management team... WHICH HE LEADS! And if they have failed to run the company properly, then he should be handing back the salary and bonuses he has collected over the last X years if the situation is so dire.

This stinks of CIMIC and Hochtief... who spent a couple of years rubbishing the share price driving it down... then picked it up for a bargain with a similar buyout after running a negative propaganda campaign in the end. (I noted a couple of astute HC posters (not me) who picked up on it and called it in spot on detail - recorded on the forums here for all to see - over a year ahead of the buyout.)

"Kin Group believes the future success of Pact is best achieved under private ownership."

Yes... but what do we care... as we will not reap any of the benefits of this success as we will not be shareholders. Indeed, there is only 1 person that will benefit, and that is RG... and worse he will doubly benefit, due to the destruction in share price - at our expense - that PGH has suffered whilst it has been repositioned for this future success.

He clearly sees there is a vast amount of money to made for him in this deal - RG ain't doing this to help us out. The Russians have a term for this rubbish the Kin Group is putting out... "Vranyo"... "Vranyo occurs when one person lies to another, the second person recognizes that the first person is lying, and neither of them acknowledges that any lie was told."

It is unscrupulous and disingenuous updates like this that make me even more determined to simply hold onto my shares.