Ann: Update on BDO's IER, page-19

This is a poor excuse that, based on OP's discussion with CoSec last week, is being peddled by the pirates.

The NTA is calculated 'point in time', meaning that even though business operations are fluidly shifting, the valuation at point in time X is not. BDO were brought in to verify independently the valuation of unlisted assets as at 30 June 2017. This point in time is so critical because it allows investors to compare any difference in the valuation assessment between management and BDO.

Changes to the business model in FY18 are completely irrelevant to the valuation as at June 17. To any reasonable spectator is seems clear that HML are delaying because there is a discrepancy between their own valuation as at June 17 and BDO's (not that this should surprise anybody given the shilling and blatant lies that ASX caught HML out on in their bolt on acquisition announcements). The motivation for HML to delay is to try to create the value in FY18 that they already booked in FY17.