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For what it is worth, to my way of thinking, Stuart and Sheppard have been found wanting - again.

They are both geologists - Stuart is even a Fellow of the Australasian Institute of Mining and Metallurgy, and Sheppard is a Member of this august Institute.

Despite their professional qualifications, they let us down with the Independent Expert's Report last year - there were blatant errors in this report that either they didn't pick up or else if they did notice them, they didn't tell shareholders about them.

Now we have the Takeovers Panel saying that the Independent Geologist whose "expertise" was again relied on in the July valuation of BWN (yes, even though he mucked up the valuation of BWN in October last year, Stuart and Sheppard invited him back again) has once more made a mess of it - the Panel says his methodology was no good, his logic was faulty and he failed to comply with ASIC Guide No 111 and the VALMIN code for valuation of mineral deposits. And this Independent "Expert" is also a Fellow of AIMM !

To my way of thinking, neither Stuart nor Sheppard have much professional credibility left, and I wonder what the AIMM thinks of the performance of these "Fellows" and "Member".