5 questions lodged at 2025 Pact Group virtual EGM
June 18, 2025
Below is the text of the 5 written questions submitted at the 33 minute Pact Group virtual EGM to delist the company held on June 12 2025, plus a summary of the answers and some video grabs via Twitter. See notice of meeting and voting results. Market cap was $269m on EGM day. No formal presentation was lodged with the ASX. See 8 questions asked at 2022 AGM and 6 questions lodged at 2024 AGM. Over and out as now own 8 shares in an unlisted company.
Q1. The latest edition of The AFR's Rich List came out two weeks ago and claimed our controlling shareholder is worth $1.69 billion. Is this accurate and, if so, why doesn't our executive chair make a generous offer to minorities to privatise the company rather than pursue this hostile delisting proposal. He can easily afford to offer more than $1 a share. Is he embarrassed after taking $649 million from public investors when he floated PACT in 2013 at $3.80 per share?
Answer: The billionaire chair Raphael Geminder declined to engage. Watch video of exchange via Twitter.
Q2. Australia is currently in the midst an unprecedented deluge of takeovers thatof an unprecedented deluge of takeovers that has contributed to listed entities on the ASX dropping in 27 of the past 28 months for a net reduction of 216 or 9.4% to 2,078 on May 31 2025. There were a record 29 major takeovers above $200m completed in calendar 2024. The ASX is losing many long standing names such as CSR, Boral, Crown, Blackmores and Newcrest, but few of them are going like this with a hostile delisting proposal. Could the executive chair comment on why public markets are not valuing ASX listed companies like ours more highly and does he have any messages for ASIC and the ASX about how public company life can be made more attractive.
Answer: The billionaire chair declined to engage. Watch video of exchange via Twitter.
Q3. How many shareholders have voted and what sort of proxy voting solicitation campaign did we run?
Answer: The chair said about 150 voted and they did not run any form of proxy solicitation campaign. Watch video of exchange via Twitter.
Q4. Why didn't we release the proxy position and formal addresses to the ASX before the meeting started which is best practice? Also why is the chair reading scripted responses to pre-EGM questions rather than dealing with the issues in a formal address? I missed the proxies when they were flashed up. Could you please read them out?
Answer: The chair had the proxies flashed up again which showed a 10% protest vote, hence the final question below was lodged. Watch video of exchange via Twitter.
Q5. Are any of the directors concerned that more than 95% of the minority shares have been voted against this proposal and could the executive chair please summarise what happened at the Takeovers Panel where our two largest minority shareholders attempted to block this proposal? Does he agree that minority shareholders overwhelmingly do not support this proposal?
Answer: The billionaire chair said he wasn't at all concerned. Watch video of exchange via Twitter.
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