Back in December 2013 PACT Group went public with a heavily...

Back in December 2013 PACT Group went public with a heavily oversubscribed billion dollar float with Raphael Germinder retaining a handsome 40%. What has happened over the last 10 years? The answer is the trajectory has been down; a very long way down.
So where has all the money gone? The company quotes a long list of outside negative factors, all of which contributed to some minor difficulties, but not the parlous state we are now in. A more likely reason is poor, some would say, incompetent management, or funds have been squirrelled away into investment vehicles. I suspect a bit of both.
Financial commentators were a bit 'surprised' when RG's broke new ground by pitching his first offer at the quoted share price with no premium, this being described as 'unusual'. Now his second and last offer is at the very bottom of the independent director's recommendation. This is not a man who could be accused of being generous.
It was obvious that this offer was going to be extended, so there's time for remaining minority shareholders to decide what they are going to do.The buy-out has now been extended to 12th February 2024. However, the half year results come out on the 15th February, just three days later. This proposal clearly constitutes unconscionable conduct. The final decision for minority shareholders must be based on the latest financial information that is available. The obvious solution is for the buy-out to be extended for just another two weeks to the 29th February. This change should be made now, or at least, very soon and not at the eleventh hour or not at all.
One avenue is for the independent board members to be approached to have this date changed.
Also, there must be some mechanism whereby minority shareholders are able to communicate with each other. This can only be done with shareholders having access to the list of names via an authorised representative body. A platform such as HotCopper reaches only a minuscule number of shareholders.
Finally, I purchased my first shares when I was just 15 years old. I am now 84; now isn't that a coincidence! I've enjoyed making my small investments; the highs and the lows. But it pains me to say that this experience with the PACT Group has been traumatic and very costly. I was happy to support a company that claimed it looked to help solve the problem of plastics floating about in our environment. But in retrospect, I now realise that was never the agenda. I know there are many investors who feel the same way as myself.
Eighty four miserable cents – God give me strength. I'm hanging on in there.