Hold vs Accept vs Sell on Market, page-67

Thank you, richardwth. You make a good point. It's also worth noting that Pact listed Flagstaff Partners as their Financial Adviser. Flagstaff was also RG’s Financial Adviser for The Reject Shop (TRS) takeover attempt. Given the relationship between the parties, I'm not entirely sure how impartial they are or, more so, whether they have indeed been advising based on the best interest of minority holders.

The Pact Board has been far from open in terms of financial guidance in their recent reporting and the AGM. I can't help but wonder how transparent they were with Kroll Australia when completing the Independent Expert’s Report. In the upcoming (15 February) half-year financial report, Pact will understandably have added expenses associated with the takeover attempt and the recent restructuring that has taken place to reduce overheads. As previously mentioned, I suspect they will do all that they can to downplay the results and Pact’s positive future.

On the note of added expenses, if RG had offered a higher price, I’m sure his personal expenses associated with the takeover attempt would be considerably lower as well. Having a call center reach out to thousands of holders via phone and text, purchasing contact details from third-parties, all of the mail and emails, legal and M&A support, etc., doesn’t come cheap. He of course also has direct exposure to Pact's increased expenses.

I’m surprised that we haven’t seen an Appendix 3Y (Change or Director’s Interest Notice) since his last acquisition on 28 December (filed on 29 December).