no independent valuation in target statement, page-15

Melua

...Of course it's too low. That's why they will up it to around $1.20. Even that's too low, but at $1.20 they will probably get it. Sad but true. Market is paying a small premium on $1.00. That tells you the market thinks a fair price is a "bit more". If $1.50 was a possibility, the market would be prepared to pay $1.25. It's not ...

I pretty much agree with you on the above except to say that it is not just a case of a fair price being a bit more but rather a case of the very strong possibility of a bit more being offered.

I guarantee you that if today ZFX comes out with a revised offer of $1.20 there will be a certain percentage of punters who will be prepared to buy for $1.23 - $1.26 because a higher offer of say $1.40 might then look a "greater" possibility.

Sure, the higher you go then the possibility of the next offer becomes less. I don't discount that either.

If you run 11 seconds for a 100m you probably aim up for 10.9 as your next goal rather then 10.8 as it is more readily obtainable. But having reached 10.9 you think it is only a small step to 10.8. Same with the market. That is why at the end of every bull run someone is the last to but at the highest price.....