Dear Borg You wrote “Only concern should and would be what are...

Dear Borg You wrote “Only concern should and would be what are the intentions of the shareholders that are blocking the take over, these include TIC founders and other sophisticated investors that hold millions in shares.”

I don’t understandwhat you mean by “blocking the takeover”- thereis NO takeover. The takeover bid expired on 7 June 2024, with RG owning 88% of PGH. The current proposal, raised by the board on 29 April, and debate, is only about RG seeking to delist PGH, with the Board’s passive acceptance. RG has said many times that he wants to pursue delisting. That is not to save a small amount of money, or the other exaggerated “reasons” that the Board give this week. It is to frighten shareholders into selling ASAP and to remove a transparent market, so that minority holders can’t see what at prices PGH trades off market- which is the only place where holders would be able to buy and sell. I’m convinced that RG’s long term plan is to make a second takeover offer eventually, as he has strong commercial reasons for wanting to get to 100% of PGH. If I was in his position I would also want PGH NOT to be listed on the ASX at that point- it would make it easier to get away with a low offer price amid shareholder ignorance. Investors would not know what the “market” price is as there would be no market. They would be more likely to feel trapped- especially if RG doesn’t make a bid for many months- and keen to get out, even to a low offer.

I have 900,000shares. I would truly welcome a second takeover from RG at any time, and would happilyaccept it if the price was fair. This debate is only about whether PGH should remain listed on the ASX. I can’t see why any shareholder (other than RG) would want PGH to be unlisted. It removes the best forum for trading and having almost real-time info. I and other larger holders are NOT trying to block anything except the delisting plan, which helps no one except RG.

Please see previousposts on HC by me, puppyeh and others. Our intentions are honourable and straightforward:we just want PGH to stay on the ASX.