
Pact Group (ASX: PGH) recently held an Extraordinary General Meeting (EGM) to determine the status of its delisting, with 90.73 per cent of shareholders voting in favour.
Pact Group initially announced its intention to delist from the ASX on 29 April, pursuant to ASX Listing Rule 17.11. However, the resolution to delist from the ASX follows a minority of the company’s shareholders Jeremy Machet and Scrap Invest Pty Ltd, and Jeremy Raper, disputing the delisting.
The Australian Government Takeovers Panel then intervened, declining to conduct proceedings and leaving the fate of the delisting to the EGM.
Now, with the majority of shareholders on board for the delisting, the publicly traded company can remove its shares from the stock exchange.
In addition, the company has also announced the successful refinancing of its senior and subordinated debt facilities.
Pact has entered into a senior debt facility totalling $700 million across two expiry dates – in June 2028 and June 2030 – and a subordinated debt facility of $75 million expiring in December 2030.
These facilities replace all pf the company’s existing senior and subordinated debt, including the facilities that were due to expire in January 2026.
Pact said it has taken the opportunity to slightly reduce overall debt limits as part of the refinance, adding that its FY26 finance costs are not expected to reduce materially as a result of it.
Commenting on the refinanced debt, Pact Group managing director and group CEO Sanjay Dayal said, “We are very pleased with the outcome of our refinancing arrangements. Near-term refinancing risk has been removed and we retain capacity to continue planned growth projects.
“Pact appreciates the continued support from its long-term relationship banks and welcomes its new lenders.”