I can’t comment on the intent of the algorithmic trading. Algo /...

I can’t comment on the intent of the algorithmic trading. Algo / bot trading is common across the ASX even for some of the most illiquid stocks.

In the case of Pact, I’m not sure what the algos are likely to achieve. My only concern would be if enough shares are accumulated and then sold into the $0.840 bid.

In my opinion, the limited volumes does not provide any added value in terms of making a case for Pact to be delisted. As noted in ASX Listing Rules, Guidance Note 33:

2.11. Requirements for Notices of Meeting…

The information about the entity's reasons for seeking removal from the official list is expected to be reasonably detailed. For example, if one of the reasons put forward for seeking removal is to save the costs associated with an ASX listing, the notice of meeting should include a breakdown of the amounts the entity expects to save, andspecify any additional expenses it is likely to incur, if it is removed from the official list. Similarly, if one of the reasons for seeking removal is because the entity is not obtaining the benefits of a listing due to a lack of liquidity in the market for its securities on ASX, the notice of meeting should explain what steps the entity intends to take to provide its security holders with greater liquidity once it has been removed from the ASX official list.

Before a listed entity sends out a notice of meeting that includes a resolution by security holders approving itsremoval from the official list, it must give ASX a copy of the draft notice for review. It must not finalise the noticeuntil ASX tells it that ASX does not object to it.

ASX may object to a draft notice of meeting if it appears to ASX that it does not meet the requirements of the Listing Rules or the required standard of disclosure mentioned above.