Thank you, brightpower. That is a possibility but my thought...

Thank you, sardine1728. Your suggested plan is logical and it may indeed be the approach RG takes. It’s still very fluid and as richardwth has addressed, it’s likely to take a long time to play out. I’m sure RG’s team will also be regularly evaluating options.

To answer your question, my only thought was that trying to accumulate 3% of shares “on market” would be challenging (but certainly not impossible) due to limited liquidity. It makes more sense (at least to me) to negotiate with any large holders to perform a block trade, which will provide certainty in terms of success and cost. The trade would still fall under the 3% creep rule.

It was only 2-3 years ago that RG was accumulating shares under the 3% creep rule at prices within the $2-3 range and arguably the business is now better positioned than it was back then. If RG decides to let the offer expire and accumulate on market, no doubt he would be successful at prices below what he paid over previous years but it is a longer process with a higher degree of uncertainty.

As mentioned above, in terms of compulsory acquisition, RG would be required to pay (at least) the highest price paid on or off market to all remaining shareholders assuming of course it’s within the stipulated timeframes. His average price would still be considerably lower since he won’t need to further compensate the holders who accepted the current offer.

Thank you, brightpower. That is a possibility but my thought process is similar to williamteddy (and many others) so I have that outcome lower on the list. If RG is successful in reaching the 90% hurdle then proceeding with compulsory acquisition would be the best approach, at least in my opinion.

In the meantime, RG has and will continue to use compulsory acquisition as a scare tactic. However, I’m happy to hold my shares even if the business was delisted. I originally invested in Pact well before the initial offer was received based on the value I see in the business.

Other readers will likely be better informed than me.