TOV: PGH - Panel Receives Application

• Applicant claims low liquidity and short window to sell pressures shareholders
• Applicant alleges major shareholder can consolidate ownership through delisting
• Applicant seeks orders to stay delisting process and improve disclosure

The Takeovers Panel has received an application from Mr Jeremy Machet and Scrap Invest Pty Ltd in relation to the affairs of Pact Group Holdings Ltd (ASX: PGH). On 29 April 2025, PGH announced its intention to delist from the ASX, and on 5 May 2025, it announced that ASX had approved the formal delisting request. The applicant submits that the low liquidity of PGH shares and the short window to sell before the shares are suspended from quotation on 14 July 2025 pressures shareholders to sell at depressed prices or hold illiquid unlisted shares. The applicant also alleges that the notice of meeting for the EGM to vote on the delisting may lack balanced information and allows the major shareholder to exercise its 88% holding to vote for the delisting while also being in a beneficial position to acquire additional shares. The applicant further claims that PGH continues to frame the company's position negatively while downplaying positive developments, which may mislead shareholders about PGH's fair value and prospects. The applicant seeks various interim and final orders, including to stay the delisting process, restrain the major shareholder from voting on the delisting resolution, and require PGH to provide certain disclosures and offer a facility for shareholders to sell their shares at an independently assessed fair value post-delisting.