unsollicited proposal, page-3

20 cents would be very light shaneelastic.

If you look at the reports that were sent out with the voting papers, the shares are valued at up to 55 cents prior to the deal. These calculations are based on a theoretical model which allows for someone to value them as at today.

The fact is, the model has discount rates above 17% which would be discounting the assets from now until 2020. When you start subtracting 17% compounding over many years, you are soon left with no return!

As I have always said, these are worth 40 cents plus, getting that is another matter