I am in Melbourne, even though I am not the lawyer but I learned...

I am in Melbourne, even though I am not the lawyer but I learned into other aspect of law so Corporation Act 2001 may make me tumble. We can catch up sometimes over the holiday

1) The way I understand it is at 75 % he can ask Pact to be delisted provided there are less than 150 parcels worth more than $500. But since as you can see, they had stopped taking action about delisting as it is too obvious there are more than 150 parcels already. So now, they tried to take it to buy all the way to 90% to launch a force compulsory. When he gets to 90%, forget the delist issues as he will sent out letter forcing people to retain our shares for cash to complete the take over. So, if the numbers of people up here, as long as we keep holding until the end. There won't be a chance for him to be delisted, I am confident here, even by delisting, there will be plenty of time for everyone to discuss.

But I urge that if you were to sell it and if you got a bit of time, sell it a bit higher say 85 or 86 cents or somewhere higher, because right now, he can't delist it yet, and the selling wall and remaining volumes is not much left, so if there are buyers, you maybe able to help us (holders) from getting delisted and forced acquisition, But even if you were to sell it right now, may as well shout out up here see if anyone can buy it for you or fill in the form sends to Kins Group? Why? let us say back then he offer 68 cents to people and set buy order on market as well. The issue here is when you sell on market to him, I am not too sure it gives you same protection as I am not sure RG will get your details. Why? for example, if for some reason, we up here go to Take over panel and Court, and we win, and the panel or Court demands that RG LOSE, you may neither get your shares or any increased amount.

2) At 90 %, he must have passed both 75% and 90% test, and anyone wanted to contest it will take it to Takeover Panel or the Court or both. It states that the onus is on the objectors to prove to the decision-maker. While it sounds complicated, it is not that complicate, because as User123 stated the independent report already stated unfair but reasonable, while I dug out (in few hours), I had already found out the issue on the offer letter. Basically, he sent out letter telling everyone, he intends to delist it if he meets all the conditions or wise, he will come back in 12 months time to cast a special resolution to delist it and will use his 75% or more (at the time he was only at 51%), but when I read into it, the ASX rules stated that his votes is excluded because as you read into the letter,

a) he intends to cast a resolution with intention to not get his votes exclude
b) he intends not to let Pact obligated duties with ASX
c)he will materially benefits from it

There are 2 more and it can be challenged there too, but it is too obvious you only need to catch one circumstance and his votes will be excluded,

We can also use at least so far 2 reasons to take it to Takeover Panel and then to the Court to prove our points. If we can win, he has to stop the take over bid and compulsory acquisition.

Even if we can't win, there are procedures and it could take time, but even by worst, he just can't delist it immediately (minimum is 3 months after the announcement). Give me a bit of time over this weekend to dig up more. Just don't give up yet mate, I lose a big money too. But up here, as you can see many own a lot bigger than you and me. I understand the worry of being delisted as I am a holder too, but when I read into it, I realised to delist it, it is not that simple either. That's why like I said many companies just knock the take over deal straight away as the legal procedure into it just that annoying to the bidder and the target. Many people run out on the 20 December already, but I am sitting here confident, that is not the case for neither delisting nor compulsory acquisition. Just hold till the end guys, if not, set your sell a bit higher than 85-86 cents would be much appreciated.

Will keep everyone updated!