In my opinion, correct me if I am wrong, in front of the take...

In my opinion, correct me if I am wrong, in front of the take over panel, they said Pact can be delist after 1 year from the end of take over subject to the special vote resolution and ASX will generally be permitted and Kin Group would generally be able to pass the resolution. I still think there are exemptions where particularly in Pact case that Kin Group would be excluded from voting. The word 'generally' have been added and varied from the last bidder statement indicated that they tried to say, look it's possible BUT subject to special conditions.

In the 18th of March, they wrote
Where such removal is sought later than 12 months after the end of the Offer Period, the bidder and it associates would be entitled to vote on the resolution approving the removal.

So back then, they said, look we guaranteed we can do it, but now they said we will generally be allowed to do so. Those are 2 different versions if you noticed about it.

_____________________________


But having said that, I am not convince about the whole delisting scenario. Put it this way, since it's not possible at all up till to date to delist Pact since there are a lot more holders than 150 (1k-2k holders) holders owned more than $500. I think they just tried to distract us from their 90% target goal to compulsory acquire Pact. They admitted to it too.

More importantly, I think into the timeline.

Let us say by the 22nd April, RG ends the take over bid (which I doubt it), the earliest is sometimes May next year that he can come back to cast the special resolution. Let assume he managed to by pass ASX (which I doubt it too) and be allowed to vote by then.

Let us slow down and be honest, right now, the 3 big holders owned around 8.233%. It only took Manipur 1 month to jump from 3% to 5% and another 2 months to jump another 1.279%. So you guys can do the math to see how long does it take for these 3 holders to get to 10%. Let assume even if RG tried to come back to do the creep up rule, it would take him 6 months cooling off period before he can do that.

To those top 3 holders, I don't think they are concerning much about the delisting because I think their objective is to hold onto Pact shares or get the price they agreed to sell out.

So, in contrast to this letter, I think in real life, the moment RG dropped it and walk away, he can't get to 90% anymore unless he pays a fair price, as I only estimated in 3-4 months time, those 3 holders will have approximately 1-2% extra or already have it somewhere hidden, hehehe.

I think the letter is focusing into about delisting scenario to give panicking to holders, but on HC, everyone knows that the delisting is not an emphasis here although I love to learn about it. But real life counts telling me, a lot of holders up here and those top 3 only interest to shove a 'fair price' bill to RG's door.

My opinion.