Ann: Supplementary Bidder's Statement, page-10

You would think that after the lack of traction over recent months, they would have changed their approach since the scare tactics clearly aren’t working and may even be having the opposite effect to what they intended.

In ASX Guidance Note 33, there is indeed a footnote (39) regarding the vote on a resolution approving the target’s removal from the official list once more than 12 months have elapsed since the close of a takeover bid. However, it should be read in the full context of the relevant section including all steps and criteria that must be satisfied. The Guidance Note is freely available on the ASX website: https://www.asx.com.au/documents/rules/gn33_removal_of_entities.pdf

If it was indeed RG’s intention to delist Pact based on the referenced 12+ months bid expiry footnote and his team is confident that they will be successful in doing so, then wouldn’t it have been far more logical to let the bid expire 2+ months ago? At that point, it was already clear that it was exceptionally unlikely that he would be successful in reaching the 90% hurdle for compulsory acquisition.

Although delisting does have some negatives, such as limitations in terms of liquidity, it still means that we remain shareholders of a growing and highly profitable business and there are indeed avenues to buy and sell shares. Additionally, Pact would still be subject to all relevant company regulations in terms of reporting and compliance.

In the event of delisting, it would make it far more challenging for RG to meet the requirements for compulsory acquisition. Based on my calculations, he still requires over 9,000,000 shares to reach 90%. Additionally, he will still be subject to all rules regarding a new bid, which have been outlined in prior posts.