Ann: Takeover offer for PGH - Letter to shareholders, page-10

Agreed. Today’s letter from the IBC is so one-sided that it is almost as if it was drafted by RG. All the previous points I have made remain: see my posts especially 23/01/24 13:48 Post#: 72022232 “That letter [from Kin /Bennamon/ RG] is misleading by (intentional) omission. What the Independent Expert actually concluded is “that the Revised Offer is not fair but reasonable to Pact Shareholders.”

The IBC says today “I remind you of other reasons given in December regarding why the IBC considers the Revised Offer as reasonable: • The Revised Offer is within the Independent Expert’s valuation range of $0.83 to $1.24 per share on a minority basis.” Yes, but it isonly 1c above the minimum of that range.

IBC repeat many of Kin’s assertions. They note the trading update as if it might be a problem but in fact it is consistent with the expert’s December statement that there was no deterioration in results from its initial analysis, and today’s update shows 1H24 ebit compares well with 1H 23.

I was annoyed but not surprised that Bennamon purported to quote the expert report in saying the bid was “reasonable”—but omitted that the Expect said it was “not fair”. However, it is outrageous that the IBC makes the same omission. These are experienced, professional directors with expert legal and corporate advisers. I expect much better from them. IBC’s performance has been poor. They unwisely agreed to give “best endeavours” support to Kin’s bid- which they appear to believe means that they have to endorse all the arguments made by Kin and not offer any counter arguments.