I agree with thecomments of leasx and Giz below. .The notice...

I agree with thecomments of leasx and Giz below.

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The notice ofthe EGM says. “Bennamon repeatedly stated that its intention was to delist the Company as soon as it was able to do so“ and “The Board unanimously recommends to shareholders that they vote in favour of the [delisting] resolution. The Chair of the Meeting intends to vote all available proxies in favour of the resolution”. Given this, it’s most unlikely that RG will change his mind or abstain. The push for delisting has always come from RG, even if the Board is going along with it. Moreover, it’s to RG’s commercial advantage to remove a real-time, visible market for the shares, so shareholders can no longer see the number and value of trades made, or the levels of buyers and sellers at a given time.

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The question of delisting is independent of any action he makes to buy more shares or announce another takeover offer. His rights to do so, and the limits under the law, are very similar whether PGH is listed or not.

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The timing of the EGM and the traditional period of tax loss selling is a happy coincidence for RG: the first day that PGH was allowed to start the delisting process was 9 June 25, but as Giz says this timing helps RG. Some shareholders may want to get out by 30 June to crystallise losses- although one wonders why they didn’t sell into the bid at 84c, if they want to leave. If there’s a big surge of selling he might save perhaps $5m, at best, against what he would pay in a second takeover. Even if that happens, it will not change the opinion on fair value of the top 10 holders who hold over 9% of the 12% minority.

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Unless he announces a new takeover, he can buy up to 3%, now, but as I’ve often said it’s very unlikely that he will go over 90% (even if enough people want to sell) as that would narrow his takeover options. Even to get to 90% is 6.57m shares and – based on the composition of the register- it’s very doubtful that he could pick up that many, barring a market meltdown.

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Look out for 3Y announcements, which must be lodged within 5 business days even if RG buys only 1 share. RG bought 309,963 shares in the week to 6 May: since then he has disclosed no purchases.