my initial thoughts on the delisting attempt, page-32

I would like to think so but ASX should never have allowed RG to vote anyway. It will be interesting to see if ASX backs down now or is too embarrassed to admit that it got this wrong, and refuses to act on very strong complaints for the sake of its corporate ego. RG has an obvious huge conflict of interest and it is disgraceful that the PGH Board did not prevent him from voting- although I concede that that would have taken guts.

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I have also written a strong letter of objection to ASX and I understand that others have. The more the better. ALL shareholders should complain. In fact it is likely to be the smaller holders who will suffer most from a delisting. I expect that when RG returns eventually with a second takeover offer- as I am convinced he will- he will want to contact the biggest holders to find out their intentions and opinions on value. If ASX still will not act even in the light of RG’s recent buying, application to the Takeovers Panel will be the best form of policing. ASIC is too slow and court action is too expensive. TOP is pragmatic, efficient and highly competent.