Hi William. If RG had got at least1.00% more than his previous sub sh notice- i.e. if he had reached 88.86% by 7pm on Friday 7th (or say midnight on Friday to be generous, as ASIC does allow some latitude) he would have to lodge a substantial shareholder notice by 930 today, Wednesday. As I said it’s not clear in the law whether he ought to have lodged by 930 Tuesday, but at the latest it must be 930am Wednesday. The Corps Act is clear on the time- it states “by 930”. Since there has been no such notice, RG has clearly NOT reached 88.86%-- and therefore has not reached 90%. It is rude that RG has not been gracious and conceded this. He must, under the ASX Listing Rules, issue his next 3Y within 5 Business Days, even if he acquired only 1 share on Friday 7th. That would be next Monday morning 17 June, which will state the exact number of shares he owns.
Please see my comments in my other post today. As far as I know a period of12 months is not relevant to the takeover law (except that it is the max extensionof bid period once open).The relevant period here is 6 months, under the so called “creep” exception of s611(9).It is clear he cannot buy any shares before 7 December 2024.As I have said before, he may be allowed to have some very general chat with TIC and other holders in this period, but it is a very dangers area of law. He would need expert legal advice to ensure that any such discussions didn’t put him at risk of having a deemed “association” with any other holders, because to create an association would breach the law. I am not a lawyer and I don’t know how much of a chat they could have before a deemed association might be formed. I don’t know, for example if RG’s lawyers spoke to TIC’s lawyers about the level of share price that might be mutually acceptable , without either side saying anything firm, would that be considered OK?Perhaps, but RG certainly cannot make any formal agreements with other holders before 7 December.
The next six months will be a period for all parties to calm down and reflect.People must be patient.PGH will publish its FY24 results in late August andminority shareholders will have plenty of timeto analyse them for upside and downside.
RG has said he wants to change the Board, which he can do. He said he wantsto be an executive chairman for a while, which he can do. Once again, the totalsilence from the so-called IBC is disgraceful. They should be giving minority investorsa factual summary of how things stand today.
Not advice. DYOR
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