Pact Group Holdings Ltd accepts undertakings

Pact Group Holdings Ltd (ASX: $PGH) has accepted undertakings from Bennamon Industries Pty Ltd, a subsidiary of Kin Group Pty Ltd, in response to an application regarding alleged misleading statements. The application, dated 15 March 2024, was submitted by Manipur Nominees Pty. Ltd., Shriar Consolidated Pty Ltd, Stanningfield Proprietary Limited, and Gandur Superannuation No. 3 Pty Ltd in relation to the affairs of Pact Group Holdings Ltd.

Executive Commentary on Undertakings

The undertakings accepted by Bennamon Industries Pty Ltd demonstrate our commitment to transparency and fairness in our dealings with Pact Group shareholders. We acknowledge the concerns raised and are taking proactive steps to provide further disclosure and withdrawal rights to ensure that shareholders have the necessary information and options available to them. We will continue to cooperate with the Takeovers Panel and ASIC throughout this process to address the issues raised in the application.

Summary of Undertakings and Outlook

Pact Group Holdings Ltd has accepted undertakings from Bennamon Industries Pty Ltd in response to allegations of misleading statements. The undertakings include providing further disclosure to all Pact Group shareholders through a supplementary bidder's statement and offering withdrawal rights for a period of two weeks to shareholders who accepted Bennamon's offer. The Panel will consider further proceedings once ASIC has reviewed the application for relief. The company aims to address the concerns raised and ensure transparency in its dealings with shareholders. The outlook involves continued cooperation with regulatory authorities and a commitment to providing shareholders with the necessary information and options.