The Panel accepted undertakings from Bennamon to (in summary) provide further disclosure and offer certain Pact shareholders withdrawal rights (see TP24/14). The Panel has confirmed for the purposes of the undertakings that it does not object to the form of disclosure drafted by Bennamon pursuant to the undertakings, which will be sent to all Pact Group shareholders on 5 April 2024 by way of a further supplementary bidder’s statement (Further Disclosure).
The Panel has also confirmed for the purposes of the undertakings that it does not object to the form of a letter drafted by Bennamon pursuant to the undertaking, which will also be sent on 5 April 2024 and which offers withdrawal rights for a two week period to any Pact Group Shareholder who accepted Bennamon’s offer over the period from 1 March 2024 to 9 April 2024, which is two business days after the Further Disclosure is sent. ASIC has also granted relief in respect of the relevant withdrawal rights.
As a consequence of ASIC’s relief and the undertakings being fulfilled by Bennamon, the Panel concluded there was no reasonable prospect that it would make a declaration of unacceptable circumstances. Accordingly, the Panel declined to conduct proceedings.
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So instead of looking into the mess Bennamon created, they decided to supervise the next supplementary bidder statement and allowed the shareholders whom accepted to the offer during 1st of March to 9th of April a chance to withdraw their shares??? Am I reading it right?
Any suggestions? For me, ideally, I like it more if TOP decided to proceed further. But if not, maybe if TIC directors can wait for the next chance to lodge another application for different event at TOP. We just have to wait for it.
I am not bright here, can anyone help me out? I want to hold on to this stock as long as I can though!
PGH Price at posting:
84.8¢ Sentiment: Hold Disclosure: Held
