Bennamon Industries has issued (03/01/24 09:30) a seventh supplementary bidder's statement encouraging shareholders to accept the bidder's offer. This is currently below the stock market price for PACT Group shares.
As you may know, Computershare maintains the register of PACT Group shareholders.
I encourage, therefore, all of you to contact Computershare, demanding the immediate release of the list of shareholders. I suggest the following grounds, but you may have additional points.
It is imperative that minority shareholders are able to have their own representation to safeguard their interests. This is currently being denied.
Kin Group / Bennamon Industries intend to have PACT removed from the official list of ASX as soon as it is able to do so.
Kin Group / Bennamon Industries intend to proceed immediately with compulsory acquisition of minority shareholdings if or when they reach the threshold of 90%. Currently approximately 15% of shares are held by minority shareholders. This is a significant number.
The independent directors of PACT have abrogated their duties to minority shareholders by accepting the takeover offer and selling their shares. They therefore no longer represent the interests of minority shareholders.
Kin Group / Bennamon Industries are likely to resist allowing minority shareholders access to the share register by prevarication and other delaying tactics.
The Computershare site is:- https://www.computershare.com
Click on:- Investor Inquiries. This gives their online form Email. It also has their phone number and of course snail mail.
Ensure you receive acknowledgement of your contact. Don't let them fob you off.
You may have other business, political or legal contacts which you think could be worth contacting.
Please don't just leave this to the good folk who post on this site.
I think someone will have to be appointed to represent shareholders. This would then allow the issuing of authorised advice and comments.
“May the force be with you.”
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