Ann: Supplementary Target's Statement, page-211

I would say the remainder 15% or so of volumes of shares belong to many related up here and pretty much under manual control so it will be harder than its look to grab any remaining shares. In fact, I am aware the last few days, volume of trading uphill has increased which makes me believe there are funds tried to push price higher so they can trade and also possible to grab 5% substantial holders, even if they can't, they knew a lot of us are still holding back so the chance for compulsory acquisition is as low as ever. If it was the opposite intention, it will be illegal as RG can't just buy it on the market at higher price from himself or his associates and then fill in the form to do the off-market bids.

If it gets to the worst of saying he somehow managed to get 90% and take the trophy home, he will set the worst scenario for the plastic and recycling industry. Why? Many invested into this stock believes in making money and along with being environmental friendly. If he pulled this off the market, do expect market retaliation with Pact. I am not trying to offend any other companies, but look at PPG being succumbed to his will, (some tries to push it up), but many days after the fiasco over there, under his command, the daily trading volumes is very close to 0. So, with Pact, in that case, regardless of whether it will be listed again in the future or stay private, the impact from the share market will be titanic in the short to medium future for Pact if it were to be compulsory acquired.

I mean, for both physical business and its future in being IPO again. People will just simply tell their friends or business associate and to some government official about what has happened to Pact in recent days, and even if they were to kick the remaining holders out, I don't see its future any better in term of running business and being float back onto the market again. I am just saying it will be the Armageddon for RG if he were to take it off the public. He tried with PPG, and he failed, then he perhaps tried to listen to Sanjay, but sadly, he doesn't realise that any stock company won't really gets it price up without shareholder's appreciation. Let us say, in the future, he IPO it again, do you expect anyone to buy and keep holding onto its shares? So, the price will fall sharp after it goes back onto the market if he were to try it. If it stay private, many Pact's business associate won't be bother to sign any long term commitment other than it needs to get their productions out to supermaket.

With the Reject Shop, they fended off RG bids, so price jump back up. But if Pact goes other way, it will be like PPG for a very long period. Ultimately, he doesn't recognise a bunch of us, but by flushing the remainders out, I think it will be the complete oblivion for Pact