Pact recent news, page-293

Hi William

Don’t worryabout trades on the market –they are just “noise” and small amounts in thecontext of 345 million shares on issue. I doubt whether anyone is trying to manipulate the market, certainly not RG. To do so would be stupid, illegal and pointless. For example. 0.1% of the capital is 345,000 shares which (given the low volumes traded) would be a huge number for anyone to transact to try to mislead the market- and it would be obvious. Yet even that much wouldn’t change the endgame at all. Market trading is now a sideshow. The dynamics are very different from the period during the 84c bid. What matters now is PGH’s fundamental value, not what happens on the ASX or CBOE. The fate of PGH will be decided by TIC and the next 5 or 6 largest holders.

Please see my previousposts especially:

27/10/24 13:01 Post #: 76321260 I am convinced that,eventually, RG will wrap up 100% control if and only if he offers an attractive pricethat satisfies at least 10% out of the 12 % remaining shareholders. This may take along time. I am happy to wait, and (at least) the 5 biggest holders haveindicated the same by refusing the bid. Don’t expect a quick resolution tothis, but I’m confident that, for the patient, a much better price willeventually emerge

AND

22/09/24 12:21 Post #: 75782984 “IfRG wants to get to 100% (which I expect he does, eventually) he will almostcertainly have to use one of the routes to compulsory acquisition (CA) i.e.under s661 or s664. He can of course stick at 88% forever if he wantsto. I’m sure that in the end RG will have to find outwhat price Manipur and theother 3 or 4 biggest holders would require to sell.”

The big picturecan be seen from the Top 20 list. RG has 88.0%. The TIC founders 6.6%. The nextfour have 2.1%, then the next ten have 0.6%. 1700 have the 2.7% remainder. TICon its own can sink an offer that it considers inadequate. RG would need to offer a price acceptable to the top 10 for him to succeed with CA. It doesn’t matter what small traders do at the margin on ASX, or what aggressive tactics RG uses. The vast majority of the remaining holders (perhaps all of them) deliberately chose to refuse the 84c bid because they believe PGH is worth more. Even if many of the smaller holders don’t have a high level of financial knowledge, I’m sure that the top 10 are smart and have very commercial judgement on what PGH is worth. They each have over $200K of shares at stake, in some cases much more. The law is on our side. The two routes to CA have strict rules which mean that for RG to have any chance of success the big investors must be persuaded that any new offer from RG is fair; in the case of CA via s664 that must also be endorsed by an independent expert.

Be patient!