Ann: TOV: PGH - Panel Receives Application, page-2

Two complaints over Ruffy Geminder’s Pact plans

A second complaint about Rich Lister Raphael Geminder’s push to delist packaging company Pact Group from the ASX has been received by the Takeovers Panel.

Geminder, who has been buying shares in the past week and now holds 88 per cent, is in a battle with minority shareholders as he seeks to take Pact private after a $234 million takeover bid last year left him at 87.9 per cent.

Activist investor Jeremy Raper, a former Goldman Sachs banker who now runs Raper Capital and owns shares in Pact, has made the latest complaint, saying that Geminder and his Bennamon vehicle are not acting in the best interests of shareholders.

It follows an application on May 9 from Jeremy Machet and Scrap Invest, who also want the Takeovers Panel to act.

The Takeovers Panel said on Tuesday it has not made a decision yet about whether it should conduct proceedings.