Ann: Supplementary Bidder's Statement, page-2

full of misleading again,

they were waiting to end of the bell to put this up. Before the bell was open, they quickly sold the shares to pillar buy support at 84.5 cents. Then, through out the whole day, they kept on selling it slowly to scare people off. Then, they tried to wait for the last minutes to put it up to frustrate holders.

It is a few things I noticed in the letter:

Pact was removed from the S&P / ASX All Ordinaries Index on Thursday, 8 February 2024 due to Pact’s free float being less than 15%. Following Pact’s removal, it is unlikely there will be any institutional investor demand for Pact shares, as institutional investors may be restricted from holding shares in a company that is not included in any stock market index.

Good luck with that! I never heard HSBC, JP Morgan or Citi are being restricted with index rule, and if I have to guess, it is one of these 3 insto sold out today. Also, the rebalancing is very normal that even simple share holders got it. It's only them putting words made it so hard to read.

Kin Group has made substantial progress with its takeover offer and now holds an ~86% shareholding (as at 9 February 2024). We remind remaining shareholders that, upon reaching 90%, we intend to undertake compulsory acquisition of all remaining shares at the Offer Price.

If it has gotten there, why would this eight letter being sent out? Blah blah blah


It is likely Pact will be delisted 12 months after the Offer closes. As the controlling shareholder, Kin Group will seek to have Pact delisted as soon as it is able to do so. Kin Group will vote in favour of any resolution brought by Pact to delist, noting this could be effected 12 months after the Offer closes. As a minority shareholder, it may be even more difficult for you to sell your shares in an unlisted environment.

It kinda funny how they came up two different tactics contradictory to one another. First, they threatened to issue more shares to pollute the price, then they wrote we will delist Pact after 12 months. Which one is it?

Do you know the impact of issuing more shares? It means no delisting.

Do you know there are votes to be excluded from counting upon delisting? Who cares, because they wrote able to do so. If they unable to do so, it is non realistic.
The idea is that they wanted to get to 90% and all their theories won't need to be clarify anymore as it comes down to privatisation. The law is not wrong, but all they wrote is that they missile you to some future non-realistic scenarios and they pushed through to 90%. As by final day counting, they couldn't reach the threshold so they put up this letter to scare people.

But I read into this letter with 2 things noticed

1) They didn't reach the threshold requirement

2) They need 12 months to come back after take over bid to do anything.