only 3,419,045 more shares to blocking stage, page-71

SF,

Back on 18 June when I queried your valuation model, you told me it was only a "trading" value, not a take-over value, which was " something quite different".

Now your financial model seems to be the latter.

I suspect there is something very odd about your model or its inputs.

Effectively, if MEL is bid for, you think Grant Samuel might run such an analysis and arrive at the conclusion MEL is worth only around 10 cents per 3P.

Back in June I invited you to proffer what your model was showing as the equivalent value of ESG and BOW-you might have missed that request. At the time you were very bullish on ESG, but I doubt your model shared the enthusiasm.

To all, I suggest there may be better financial models, with more realistic inputs reflecting those being made by recent acquirors.

A domestic gas price over $6 would be a damn good start.