dct,I have been keeping an eye and in Yesterdays Fin Review...

dct,

I have been keeping an eye and in Yesterdays Fin Review there was a big spread on Ruffy IPOing the PACT group and no mention of a back door listing.

Once again, PACT had an incredible over subscription for its debt which would indicate that a book build would be consumed at the top end of the price range, hence no need to do a back door listing of PACT through PPG.

Having said tha, once PACT is listed would make sence for Ruffy to buyb out PPG and bringing it into the group as a division.