this is getting ridiculous, page-10

After looking at this further I reckon the directors know that they have a good deal in front of them. Consider that the forecast EBITDA and NPAT for 2010 includes "significant one-off revenue from IRU contracts"(June 09 announcement). From reading the annual report it looks like they will recognise all of the profit from the IRU contracts this year. So unless there are substantial new sales going forward the EBITDA would take a dive in 2011. It seems unclear as to how much this one-off revenue/profit will be.

On this basis, with a forecast NPAT of approx $21M including the one-off profit from the IRUs, the sale price of $354M is 17 x NPAT. Looks to me the share price was overheated before and the $6.30 offer is a good one.