Thanks Richard, I have few questions though, say if he can't reach to 90%.
Is there any option at this stage for him to launch the second bid and negotiate with TIC founders? Or must he wait after 6 months or 12 months or so?
Let us say, over this total campaign, he missed the cheque of 160 millions from the sale of half of the crate pool division, and I would say around 100 millions plus to buy out shares at 84 cents/share. Also, the cost of renting an ANZ facility and mailing costs. Can he push it onto Pact's expenses ? He can't, right? Because at this stage, Pact is still a listed company, you just can't push your personal expense onto Pact's financial book?
I think he borrowed that money too, to launch a takeover, so how much interest involved with these borrowing cost, I wonder?
All I was thinking is that if he spent that much money, he would need to finalise it or wise he would incur a personal debt and unable to push it onto Pact while trying to repair the company that is being eaten by inflation. So my question is let's say if he can't make it, how much legal and financial stuck is he in? How much chance do we have with the second bid? Is there any legal complications for him not to get into the second bid?
For me, looking into his past on the news, in regards to the reject shop (sp rises) and macpherson (sp down) and loscam (postponed), I was thinking while he kept complaining about Pact kept sucking the money to sustain, his other previous businesses take over made me feel like he kinda of exaggerated.
He got multiple businesses so I doubt if this guy going to run Pact full on, he ditched his executive job after 3 months in the past to pass it on to Sanjay. So, I doubt if he knows what money is Pact used for and how much it can generate. But, I think sp going to be alright because there are not much volumes left on the market, and if it drops, that means he loses more chunk of money and although I think he's not good in focusing in one business but I don't think he will make his purchase losing its value.
I could be wrong, what do you think? Just my thinking.
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