Also, according to my belief, there are around 25-40 decisions a...

Also, according to my belief, there are around 25-40 decisions a year in the last 24 years at take over panel. Most of decisions are duplicated from a same decision. What it means is say Manipur start a procedure, either it is dismissed or continue to the proceeding. Say if the Panel determined that Kin Group had conducted activities to be 'unacceptable circumstances', the Panel can make Order to carry out. If the Panel determined on Kin's flavour, no action is taken. That's it.

Of course, if the decision is in Manipur's flavour, Kin Group can appeal to the decision at the same Panel and another hearing will be conducted. However, rarely that I see Take Over Panel change their decisions after initial decisions, but people have been used it to delay the order carrying out. Such is the case of Southern Cross last year during Christmas at the same time Kin Group make Final Offer to Pact's ICB. The rival wins and the bidder had to sell out the shares through ASIC but the bidder appealed 2 more times without success but in my opinion, was just a delaying tactic.

If RG wanted to appeal further, of course the next revenue is to go to the Court but this time, it won't be him taking on Manipur but him against the Take Over Panel. He can go to the Court at the same time while the Take Over Panel is yet determine to proceed or not, but in one of the reasons at Take Over Panel in the past, the Take Over Panel pretty much stated, hey, look, you can go to the Court or whatever, but the Take Over Panel still have the right to make their decisions. While I am not a lawyer, but from reading the Take Over Panel past decisions, the Court rarely squashed the Take Over Panel decisions and I tend to believe there is a reasonable assessment between the Court and Take Over Panel in case like that and I tend to think the Court will adjourn the case until Take Over Panel decisions is made as the timeline with Take Over Panel tends to be very smooth and quicker than the Court.

While the Take Over Panel decisions are trying to minimise the cost between two parties and would generally dismiss small complaint, such is the case of a complaint made by a group involved into something with only 60 shares or so altogether and each share is worth less than 1 cent. So the Panel is like what the heck, Dismissed!!

But in the case like Pact, does it look small issues when it comes to the billionaire here man! Plus, there are 344, 299, 053 shares involved in the case and it is not under 1 cent either, whatever the price is, may be Take Over Panel would want to have a word with Kroll to re-assess the price. I do strongly believe the Panel will conduct the proceeding, please!