I agree. RG’s arrogance at the agm showed that he strongly...

I agree. RG’s arrogance at the agm showed that he strongly dislikes having minority shareholders. Also as you say there are commercial costs to him of not having 100%: they include the inability to consolidate the tax position of PGH with his other cos (and thus optimise use of any tax losses) and inability to restructure the finances of PGH and amalgamate them with his other debt facilities. That might save him $5m+ pa. There would also be a saving by eliminating personnel and other costs of maintaining a separate listed group. His decision to suspend dividends means that he cannot get access to the substantial (and increasing) balance of franking credits shown in the Annual Report.

Without a formal takeover, RG can’t get rid of the minorities. The TIC founders have 6.6% of PGH so they alone can block any new takeover. For the above reasons I believe a second takeover, eventually, at a sensible price is inevitable. I can’t predict when, but with 88% it is clearly in RG’s interest to manage PGH well and for its value to increase. It would be extremely perverse to allow PGH to go sideways or decline just to spite the 12% minority and hope they will beg to be bought out.

So I think a second bid will come, and will have to be at a realistic price. The smart money rejected the very low 84c bid, He can’t continue to insult the intelligence of the remaining investors. I have 500K and I’m happy to wait for a fair offer.