IBC, page-18

Thanks very much again User and I looked again at Richard’s post you kindly linked

So the current situation in my very uneducated opinion… ( I am assuming that people other than RG can continue to buy any shares that are sold on the market )

If RG’s current offer were to end then he must wait for 6 months before either:

- buying shares on the market under the 3% creep rule. This means that RG would miss out on buying cheap shares should the share price fall

- make a new offer which would have to be acceptable to Manipur since he would need at least their approval should it have any chance of success ( since he needs to acquire at least 75% of all remaining shares he doesn’t own on a 2nd offer )

Therefore RG’s only chance appears to be to continue to extend the current offer until September and it reaches the mandatory expiry date. In that time he has to hope that he can somehow get owners to sign over the $10 million plus shares that he needs to reach compulsory acquisition under the current offer

As William mentioned there are a huge number of small PACT shareholders holding the remaining shares and if RG is unable to reach 90% ownership then there will negligible chance that the number of PACT owners with marketable parcels of shares falls below 150. Therefore there is negligible chance he will be able to delist the company from the ASX

Even in the minuscule chance he was able to delist the company he would need to give us a long period of notice beforehand and as User has mentioned it’s really not a bad situation to be a shareholder in an unlisted company. Also if you ever wanted to sell your shares I’m sure RG would be a very willing buyer

I think RG is a bit desperate. PACT is his fantastic company but I think he has lost control at present. I think RG was probably in a better situation to control the company BEFORE he made this takeover offer…