• Shareholder Mr Jeremy Raper has filed an application with the Takeovers Panel
• Application relates to Pact Group's proposed delisting from the ASX
• Applicant alleges reasons for delisting are false and misleading

Pact Group Holdings Ltd (ASX: PGH) has received an application from shareholder Mr Jeremy Raper in relation to the company's affairs. The application relates to PGH's proposed delisting from the ASX, which the company announced on 29 April 2025. In the announcement, PGH cited low liquidity, a concentrated share register, and compliance burdens as reasons for the proposed delisting. On 5 May 2025, PGH announced that ASX had approved the formal delisting request, subject to approval by a special resolution of the company's shareholders. The applicant, Mr Raper, submits that the reasons disclosed for the proposed delisting are false and misleading, and that the board is not acting in the best interests of shareholders in endorsing the delisting. Mr Raper also alleges that the proposed delisting has a substantial coercive effect upon minority shareholders. The applicant is seeking interim orders to stay the occurrence of the EGM scheduled for 12 June 2025 to vote on the delisting, as well as an order restraining Bennamon Industries Pty Ltd and its related parties from acquiring further PGH shares. The applicant is also seeking final orders preventing Bennamon and its related parties from voting their shares at the EGM.