Pact Group Holdings Ltd is facing fresh scrutiny as a shareholder has initiated an application with the Takeovers Panel concerning the company’s proposed delisting. The application, lodged by Mr Jeremy Raper, a shareholder in the company, challenges the board’s rationale for delisting—a process previously announced on 29 May 2025 due to low liquidity, a concentrated share register, and compliance burdens. The delisting request, approved by market authorities on 5 May 2025 and set to be voted on during an extraordinary general meeting scheduled for 12 June 2025, has now come under fire. Mr Raper contends that the disclosed reasons for the delisting are false and misleading, and he argues that the board is not acting in the best interests of all shareholders. He also claims that the delisting process exerts a coercive effect on minority shareholders and violates established corporate governance standards under Chapter 6. Adding to the concerns raised, it was disclosed on 6 May 2025 that Bennamon Industries Pty Ltd, along with its associated entities, bolstered its stake by acquiring 303,963 shares, further consolidating an already dominant holding of approximately 88% of the issued shares in Pact Group Holdings Ltd. Mr Raper’s application seeks interim orders to suspend the upcoming shareholder meeting and to prevent further share acquisitions by Bennamon, as well as final orders to bar Bennamon and its related parties from voting their shares at the meeting. From a market sentiment perspective, a bullish outlook might interpret the regulatory review as a positive step toward reinforcing robust corporate governance and protecting minority investor interests, potentially restoring confidence over the long term. On the other hand, a bearish perspective could see the ongoing legal challenge and the concentrated shareholding structure as sources of uncertainty that may exacerbate liquidity challenges and market volatility, thereby posing risks for traders and investors alike.