Ann: T/O Panel: PGH Acting President Makes Interim Order, page-40

Yeah pretty much, the second stage can go longer (min 2-3 weeks) and could take up to 1-2 months if they decided to go ahead with proceeding and making decisions.

Ultimately, we have little to lose at the TOP, other than the application fees and legal cost (Manipur's pocket).

So if Manipur wins, the takeover bid is pretty much over by the Panel's order. RG can't accept any more shares for his take over bid and therefore, he will have to forfeit his plan.

But again, even if this case is decided, both sides can apply to appeal at the TOP again and it could drag on like no tomorrow. But, it is good for Manipur, as they will have time to accumulate more shares and also opening a revenue to the Court for their $30 million pay out case,

In my opinion, that's why RG wanted to desperately privatise Pact by Easter because by taking Pact down, he doesn't have to deal with any legal issues from Take over Panel and the pending 30 million dollars suitcase at Court level. But thanks to our holdings. he couldn't yet and of course, it gives us hope that RG will have to enter negotiations with Tic's 2 directors at Tic's conditions. Say, whatever the price Tic's directors agree on, everyone following their suits and ask for that price too. That's the idea.

My opinion.