You are correct that he cannot use the creep provision, however...

You are correct that he cannot use the creep provision, however and I could be wrong the 3% is the hurdle. There is nothing stopping Ruffy from buying the 2% he is short from the 90%.

I suspect that Ruffy will just sit back and let the SP lower only to support his notion that when the bid expires the SP will drop. He can now say he told the shareholders so!

I hope the TIC guy's can leave their funds tied up in PACT?

As for the business turning around and profit going up, yes this should drive a normal share price, however smart investors normally do not buy into a stock that is controlled by one shareholder. Just remember mum and dad's will not buy into PACT and I am sure insto's will steer clear of it with the current Shareholder concentration.

Profits can improve and the funds can be used to pay down debt, therefore no dividend???