NB I discovered this only by accident from a legalwebsite.It is not disclosed on the Pactwebsite even though it is highly relevant to Pact’s shareholders and Pact wasa party to the proceedings. This may be a taste of the non-disclosure to be expectedfrom Pact in future.

;

I was pleased that TOP did formally consider mysubmission in support of the formal applications; even though it didn’t allowme to appear in person (Kin’s lawyers requested the gag). However, TOP did not email me to let me knowthat the ruling had been published, which is disappointing.

;

The ruling is under TOP’s tab on its website “REASONS FOR DECISIONS”

	[2025] ATP 13	24/07/2025	Pact Group Holdings Ltd 02 & 03

The reasoning is no doubt technically accurate but I consider,with respect, commercially naïve in the overall context and only looks back.

;

It’s worth reading in full but for a laugh think about:

64. Kin Group submitted that the Panel “should not allowitself to be used as a forum for ventilating grievances outside the scope ofthe Panel's remit, or for challenging legitimate decisions of other regulators(ie the ASX), directors and shareholders that the Applicant happens not tolike.”

72. Kin Group submitted that the Panel “should not allowitself to in effect be a small claims tribunal for a shareholder to challengeor second guess legitimate decisions of directors which the shareholder doesnot like. Even more so when it involves matters which are the domain of the ASXand the Courts.”

The chutzpah is astonishing. We have already seen thatthe ASX was useless despite receiving many written complaints about the EGM. ASIC took no action so TOP was the only sensibleavenue of appeal. Given TOP’s view, the onlyavenue left to aggrieved shareholders is the courts. However, TOP did hold out a glimmer of hope in:

Para 75 we consider thatthere are other remedies available to shareholders in relation to the ProposedDelisting, including with the Panel should unacceptablecircumstances occur at a later stage

;

You can be sure that we will return speedily to TOP ifthere is further oppressive conduct by RG.