The latest missile from RG announced improved payment terms but...

The latest missile from RG announced improved payment terms but was nothing more than an excuse to run through, yet again, the list of reasons why we should surrender our shares. I don't know who they thought they were targeting because I'm sure there are no more frail and vulnerable 93 year old widows left on the share register. One effect I'm sure these gurus have failed to take into account is the reputational damage this long drawn out war of attrition must be causing, even amongst a notoriously cynical business community. I do wonder who is supposed to be running their PR department.
The SP briefly reached 91 cents on Friday. There is clearly a cohort that thinks that RG is going to fall safely short of his 90% target with the wheels falling off the juggernaut at about 85%.
So what are these remaining shares worth, or to be more precise, what are they worth to RG.
The answer can be found by looking at the records. RG had been buying shares to lift his ownership from 40% to 50%, and to do this he has been paying between $2.20 and $3.00. So that, my friends, is what he really thinks the shares are worth. The reason he is only shelling out 84 cents to lift his ownership from 50% to 85% is because he has been able to get away with it.
However, I think that RG could have painted himself into a corner on this one with the initiative swinging to the 15 percenters.
About delisting. First up, I wouldn't be the slightest bit concerned with delisting from the ASX. There are thousands of companies that are not listed and you don't hear those folk complaining about it. That's because they float along under the radar with profitable and well run businesses. They're not worried about selling their shares which are instead passed on to the next generation like hereditary knighthoods. Indeed, many companies place restrictions on the sale of their shares, ensuring they 'stay in the family'.
Another point. A 15% shareholding can exert quite a bit of influence and oversight on a board. I won't bother to list the restraints, but they can be considerable.
This then raises the question of where this company is heading in the long term. You may have noticed that during the racing carnival season, RG was socialising with the glitterati, almost obtaining the moniker 'colourful racing identity'. And while all this was happening, where was Richard Pratt. The answer to that one was he was not at the races, he was at the coal face drumming up more business. There was a full page spread of him opening a facility in Australia and another of him opening a factory in America. He had even been sucking up to that dreadful Trump to promote his business. That's a man who knows how to run a profitable business.
Despite all this, personally I'm sure that PACT has a lot of upside and I think that view is held by others.
Still clinging on for dear life; could be good fun and might even be profitable.