Fair value (in my opinion) is significantly higher than $1.20 -...

Fair value (in my opinion) is significantly higher than $1.20 - $1.40. Even at $1.40 that places PGH on a market cap of only $482m.

Revenue for FY24 was $1,860m and Underlying EBITDA was $265.4m, despite the very challenging market conditions and significant investments in new assets. FY25 may still be somewhat challenging due to ongoing inflationary pressures and the (our) company continuing to bring new facilities online thanks to the increased capex over recent years. In the medium to longer term there is likely to be significant free cash flow, which will greatly benefit any remaining shareholders and Ruffy of course knows that.

Remember, it wasn't that long ago that Ruffy was acquiring shares on market at ~$3/share so he clearly saw value back then and the company is now much better positioned.

He has managed to acquire ~38% of the company at $0.84 so even though he hasn't been successful in terms of compulsory acquisition, he has still been very successful in terms of acquiring a significant portion of the company at a considerable discount to fair value.

I would be surprised if he tried to acquire shares on market (when he is once again permitted to do so) under the 3% creep rule.