The Offer, which is underwritten, is expected to raise approximately $649 million based on a share price of $3.80 per Share.

Pact is a dynamic and robust manufacturer of a wide range of packaging products with operations in Australia, New Zealand and Asia. Founded by Raphael Geminder (Non-Executive Chairman) in 2002, Pact has been transformed from a business with 15 manufacturing plants and $223 million of sales revenue in FY2003 to, on listing, a leader in the packaging industry with 62 manufacturing plants, over 4,200 customers, 22,000 SKUs and approximately 8 billion units produced annually generating pro forma forecast sales revenue of $1,197 million in FY2014.

On listing, Geminder Holdings, an entity controlled by Raphael Geminder, will remain a key shareholder in Pact by retaining an approximate 40% shareholding, demonstrating confidence in the future growth opportunities of the business.

The bookbuild was completed on Tuesday 26 November 2013 and was heavily oversubscribed, with strong interest from both domestic and offshore institutional investors as well as from the Syndicate Brokers. The Offer is priced at a FY14 EV/EBITDA multiple of 8.5x www.dailyhealthymale.com/ and a FY14 P/E multiple of 13.4x, implying an enterprise value of $1,720.6 million and an equity value of $1,117.6 million.

Pact Chairman, Raphael Geminder, said he was pleased to offer investors the opportunity to take part in the next phase of the company’s evolution and growth.

“Pact is the largest local supplier of rigid plastics packaging, the fastest growing segment of the global packaging market,” said Mr Geminder. “We have a market leading position in Australia and New Zealand and an emerging position in Asia’s fast-growing packaging market.

“We have achieved this position through a relentless focus on our customers, aimed at delivering ideas and solutions that support their products and brands in the region.

“As we continue to pursue opportunities for growth through innovation, best-in-class technology, acquisitions and geographic expansion, I believe Pact is well placed to deliver attractive returns for shareholders.”
Pact Chief Executive, Brian Cridland, said: “Pact has a track record of delivering stable, profitable growth. The management team looks forward to continuing the company’s trajectory, led by investing in innovation, technology and sustainable solutions that support our customers.

“Our first and most important value is to walk in our customers’ shoes to serve them better. As we go forward we remain focused on supporting our clients’ aspirations for differentiation, best quality and continued growth.”

The Broker Firm Offer is scheduled to open at 8:30am (AEDST) on Thursday, 5 December 2013 and close at 5.00pm (AEDST) on Friday, 13 December 2013. The Shares are then expected to commence trading under the code PGH on a deferred settlement basis on Tuesday, 17 December 2013. Holding statements are expected to be dispatched by 5:00pm Wednesday, 18 December 2013 with normal trading expected to commence on Thursday, 19 December 2013.

Credit Suisse (Australia) Limited and Macquarie Capital (Australia) Limited have been appointed as joint lead managers, joint bookrunners and underwriters to the Offer (Joint Lead Managers). Herbert Smith Freehills has been appointed as Pact’s legal adviser.

For further details about Pact and its business, the details of the Offer and a description of the key risks associated with an investment in Pact, please read the Prospectus.

The issuer of the Shares is Pact Group Holdings Ltd. A copy of the Prospectus is available in electronic form at www.ipo.pactgroup.com.au. For a paper copy of the Prospectus, please contact your Syndicate Broker or the Pact Share Offer Information Line on 1300 437 335 (within Australia) +61 3 9415 4311 (outside Australia) from 8.30am to 5.00pm (AEDST), Monday to Friday (business days only). Offers of the Shares will be made in, or accompanied by, a copy of the Prospectus. Persons should consider the Prospectus in deciding whether to acquire the Shares. Anyone who wants to acquire the Shares will need to complete the application form that will be in or will accompany the Prospectus. You can also call the Pact Share Offer Information Line if you have any questions in relation to the Offer.

For media enquiries contact:
Lauren Thompson +61 438 954 729

Disclaimer
This announcement is not and should not be considered as an offer or an invitation to acquire Shares or any other financial product and does not and will not form any part of any contract for the acquisition of Shares. The Offer does not constitute an offer in any jurisdiction in which, or to any person to whom, it would not be lawful to make such an offer. No action has been taken to register or qualify the Offer or otherwise permit a public offering of the Shares in any jurisdiction outside of Australia and New Zealand.
This announcement and any material accompanying it may not be released or distributed in the United States. This announcement and any material accompanying it does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States. The Shares have not been, and will not be, registered under the US Securities Act of 1993 (the “Securities Act”) or the securities laws of any State or other jurisdiction of the United States, and may not be offered, sold, resold, pledged, delivered, distributed or transferred, directly or indirectly, into or within the United States except pursuant to an exemption from, or in transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any other state or any other jurisdiction of the United States.
Certain statements, beliefs and opinions contained in this document, particularly those regarding the possible or assumed future financial or other performance of Pact, industry growth or other trend projections are or may be forward looking statements. Forward-looking statements can be identified by the use of ‘forward-looking’ terminology, including, without limitation, the terms ‘believes’, ‘estimates’, ‘anticipates’, ‘expects’, ‘predicts’, ‘intends’, ‘plans’, ‘propose’, ‘goals’, ‘targets’, ‘aims’, ‘outlook’, ‘guidance’, ‘forecasts’, ‘may’, ‘will’, ‘would’, ‘could’ or ‘should’ or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future, assumptions which may or may not prove correct, and may be beyond Pact’s ability to control or predict which may cause the actual results or performance of Pact to be materially different from the results or performance expressed or implied by such forward-looking statements. Forward-looking statements are based on assumptions and contingencies and are not guarantees or predictions of future performance. No representation is made that any of these statements or forecasts will come to pass or that any forecast result will be achieved. Forward-looking statements speak only as at the date of this document and Pact disclaims any obligations or undertakings to release any update of, or revisions to, any forward-looking statements in this document. All dollar values contained in this document are in Australian dollars (A$) unless otherwise stated.