The Second Supplementary Target's Statement clearly states “the...

The Second Supplementary Target's Statement clearly states “the the Revised Offer is not fair but reasonable”. The reference to “fair” is quite important in the context of ASIC’s Compulsory Acquisition and Buyouts Regulatory Guide. The Regulatory Guide also provides details on the options to object compulsory acquisition.

I hold over 3,000,000 shares through multiple accounts including nominee accounts and I have been continuing to accumulate. As it currently stands, I am in a fortunate position where I am able (and willing) to hold my shares even if Pact is delisted and I tend to have a very long-term investment horizon. My primary concern is compulsory acquisition and trying to prevent that or at least ensure a fair offer is received.

For holders that wish to sell, if you choose to sell on market at the opening or closing auctions each day at the offer price then it provides other shareholders the option to acquire the shares at $0.84 since we can bid ahead of RG’s order but still transact at $0.84 (assuming the last transaction before the auction was at that price). This at least prevents RG from acquiring those shares.