The Australian Takeovers panel received an application from Jeremy Machet and Scrap Invest regarding Pact Group Holdings' (ASX:PGH) decision to delist its shares from the ASX, seeking interim orders to stay the delisting, according to a Friday Australian bourse filing.
The application alleged that the circumstances are unacceptable because they affect the control of Pact Group by facilitating the major shareholder's consolidation of ownership, the filing said.
The application contends that the low liquidity of Pact Group shares and the short window to sell before the shares are suspended from quotation on July 14 pressures shareholders to sell at depressed prices or hold illiquid unlisted shares. It also said that the notice for the extraordinary general meeting lacks certain balanced information.
The applicant seeks final orders including the appointment of an independent third party to oversee the delisting process, the major shareholder to be restrained from voting on the delisting resolution, and the firm to provide certain disclosures in the notice of the extraordinary general meeting.
A sitting panel has not yet been appointed related to the matter, and no decision has been made whether to conduct proceedings, per the filing.
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