Hold vs Accept vs Sell on Market, page-73

Hi williamteddy,

It's a good question, but unfortunately, I do not have access to real-time data on who is buying and selling, particularly in terms of current orders in the market. It is also easy to hide an order from the market and to have access to other automated systems, which I can tell have been used by other parties to buy and sell shares in Pact over the past few weeks.

All holders, including retail holders, can participate in the opening and closing auctions. The ASX website (https://www.asx.com.au/markets/trade-our-cash-market/asx-equities-trading/auctions) provides an overview. If the average retail investor is looking to buy shares, it is much easier to do so during normal trading hours. The auction provides the possibility to buy shares at $0.84 (you can jump ahead of RG’s bid and still pay $0.84), but due to the buy and sell orders changing every second, it is an unnecessary hassle with added risks for the average retail investor.

There was indeed an increase in selling towards the close today, and also an increase in the volumes being traded at auction, but they are still low values. I’m mostly concerned about anyone selling into RG’s bid. For transparency, I acquired shares today at $0.845 during normal trading hours and shares at $0.84 at the closing auction. Since the initial offer in September 2023, I have never sold any shares to RG.

As a long-term holder of PPG, I am relatively familiar with the history. There are a lot of similarities in terms of ownership, industry, related parties, etc. From an investor perspective, there are also different considerations between the two companies, but I see value in both. I am a long-term value investor and don’t usually concern myself with small short-term price movements other than when it creates opportunities. Pact is a little different due to trying to prevent increased ownership by RG.

The offer significantly undervalues Pact. The most probable scenarios have been highlighted by myself and other contributors who have even more experience. There is a reason why I have been acquiring shares, but in my opinion, anyone doing so should have a long-term view and an understanding that RG may still be successful based on the current offer. I regularly hold my investments for 5+ years and often invest in highly cyclical companies with minimal trading volumes/liquidity.

What other shareholders do is beyond my control. It is the biggest unknown and the primary factor in how this plays out for all of us remaining holders. Obviously, I hope that all remaining holders reject the offer (take no action). I will continue to monitor the options available and decide what I feel benefits me most, just as all other holders should consider themselves first.