Rich Lister shuts down questions on his own takeover bid

afr.com:

Rich Lister Raphael Geminder refused to answer any questions about his own takeover bid for the struggling packaging company Pact Group at a bizarre annual meeting on Thursday where there was also a first strike in a hefty protest vote against executive pay.

Mr Geminder’s Kin Group launched a buyout bid with a microscopic premium for the rest of Pact Group in mid-September, which is making little headway. He is chairman of Pact and presided over the 50-minute annual meeting that was held virtually.

Rich Lister Raphael “Ruffy” Geminder and wife Fiona in the Lexus marquee at the Melbourne Cup on November 7.  

He said at the outset that he was there running the meeting as the chairman of Pact, and not in his capacity as owner of the Kin Group.

“As a result, I will not be addressing any questions in relation to the takeover offer in this forum today,” he said.

One shareholder later tried their luck anyway with a question about the bid. But Mr Geminder batted it away.

“It’s probably inappropriate for me to respond to that question,” he said.

Anger at the company manifested itself in a protest vote against the remuneration report. Proxy votes of 28.78 per cent against the resolution were recorded, meaning the 25 per cent barrier for a first strike was reached.

Kin Group held 50.004 per cent at the start of the buyout offer launched in mid-September and has only reached 50.7 per cent. It has extended the offer until December 4.

An independent board committee, led by director Michael Wachtel, on October 13 told the remaining shareholders to reject the 68¢-a-share offer made by Mr Geminder because it was “neither fair nor reasonable”.

Kin Group in mid-September launched the 68¢-a-share bid at a time when the stock was trading at