I have recently received the latest letter to shareholders, via...

I have recently received the latest letter to shareholders, via email, from Mr. Michael Wachtel who describes himself as Chair, IBC, Pact Group (Independent Board Committee). I have previously pointed out, but it's worth repeating, that the IBC members, together with all other board members, signed a 'Best Endeavours' agreement which precludes them from offering minority shareholders any assistance or advice on the matter of the takeover bid. So, quite apart from the legal status of this abrogation of their statuary obligations, shareholders should understand that there is nothing 'independent' about the IBC and therefore should not hold out hope of receiving any useful advice or information from that quarter. And I wouldn't be at all surprised, just to keep them all towing the line, if they have also signed a non-disclosure agreement as well; after all, we wouldn't want anyone suddenly having a Road to Damascus revelation, would we?

Recently, U123 posted an insightful review of companies in which RG has an interest.

Highlights were:-

Pro-Pac Packaging (PPG) performing poorly

McPherson's (MCP) SP performing very poorly since 2021

The Reject Shop (TRS) SP close to 52 week low

Hardly the Midas touch you would think. There's a Reject Shop near me. I wonder in there, along with other lost souls, to brows through the cheap plastic junk from China. It's depressing. It hasn't has a cent invested in it for the 20 years I've known it.

I get the Saturday newspaper. Every month there's a full page spread showing Richard Pratt opening a new factory here, investing there and making money everywhere. Last week there was a young girl clutching a plastic milk bottle; illustrating Visy's successful recycling venture. This is the man that RG would like to emulate.

I took a look at the ASX trades; 21^st May. Intriguing. And similar for many other days.

Total Trades 86. Volume 31,318 Value $26,335

Out of these numbers were many very small trades, as follows:

Small Trades 73 @ $0.84, $0.843, $0.8425. Volume 1512. Value $1271.85

So what's all this about. Deals being put through for 21 shares at a time!

Some have wondered how RG has been picking up any shares at all. My guess is that some smart Alex buys at 85c and passes these on to RG. What's a one cent loss? Even 10,000 at one cent loss is only $100. Peanuts! Which brings me to another point. If $0.84 is a rotten price, which I think it is, what's so wonderful about $0.85; that to me is a rotten price minus $100 for 10,000 shares.

For some time I've been wondering about all that banging on about how after the offer lapses the share price could or might or may or whatever, fall below 84 cents. Well, just in case RG's cronies have come up with some Machiavellian scheme to force the price down below the 84 cents after the offer lapses, I've been squirrelling away as much of my Centrelink pension as possible because that would be the moment to buy. In my opinion of course.

The last two shareholder's meetings were held on-line. I was led to believe that the next one will be the same, and that there would be no opportunity to attend in person. When asked by Stephen Mayne what he thought of the falling share price, RG responded (I may not have the exact words), “I'm not interested in the share price.” That at a shareholder's meeting! Which just shows how RG holds shareholders in such ill concealed contempt.

As a mere mortal, I wouldn't know what an EBITDA was even if it fell on me, however our knowledgable supporters in this financial minefield see the latest results as encouraging. All the more reason for holding on.

Needless to say, there's bound to be one final, last ditch, desperate, over the top, scare campaign just before 7^th June, so brace yourselves.