According to jeremy's letter, he mentioned about James Hardie and I went search on AFR, it turns out to be they were trying to buy an American outdoor decking and railing company, Azek with the cash-and-scrip buyout without shareholders approval and not only that, ASX kinda approve the proposal being exempt from shareholders vote. Nevertheless, I think James Hardie backed down and not asked to be exempted from ASX listing rules.
While I don't have much knowledge in this, but I think Pact would be the first case to be delisted after a failed takeover. Normally, the bidder will launch a second take over or negotiate a buy out from the top remaining holders to launch Compulsory Acquisition, which by then, we small fishes have no choice but to sell out.
Either way and please correct me if I am wrong (no perfect here), I think it is appropriate to leave in the last minutes or at least waiting for the second takeover (whenever it is and depending on the price too). For me, last minute is properly like when RG shoots me a letter of Compulsory Acquisition and the cheque with the final price on it. Long way, I suppose.
PGH Price at posting:
92.5¢ Sentiment: Hold Disclosure: Held
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