Ann: Supplementary Bidder's Statement, page-3

The letter states that RG had a relevant interest of 87.33% in Pact Shares as of yesterday. Based on the last Appendix 3Y (Change of Director’s Interest Notice) filed on 19 March, he had 300,414,772 shares (87.26%). As such, I can only assume that means that there were approximately 250,000 shares accumulated in off-market acceptances during the period since the last 3Y.

If my calculations and interpretation are correct, then the rate of acceptances is particularly low, which is, of course, positive. Additionally, anyone who accepted during that period will be eligible to withdraw their acceptances, which seems logical based on recent trading, although I suspect most people won’t do so.

We should start to see the Change of Director’s Interest Notices being filed again soon, which should provide accurate figures.