Ann: Becoming a substantial holder, page-11

As Giz and richardwth mentioned, the recent notice of the initial substantial holder is a very positive announcement, not just because of the 5% ownership but also due to the parties involved.

They undoubtedly have good industry knowledge and a long-term history with Pact. They have invested over $6 million since December 20, 2023, and have considerably more exposure through their existing holdings.It is a very positive step in reducing the probability of compulsory acquisition under the current offer.

Regarding Kiwi17’s reference to leveraging a future offer, I fully agree in terms of leverage, but I believe the stated number still considerably undervalues Pact. It wasn’t all that long ago that RG was accumulating shares in the $2-3+ range, and Pact is arguably in a much better position now in terms of future cash flow.

The crucial factor will be the figure the two parties, accounting for the 5% ownership, are willing to accept.