bid might be 75 cents, page-19

While on the topic of IER's they also take into consideration other things when deciding if a bid is fair and reasonable, including;

- The bidder’s pre-existing voting power in the target

- Other significant security holding blocks in the target

- The likely market price of the target securities if the offer is unsuccessful

- The likelihood of another bidder making a higher offer

Again, it's not just simply all about the resource reserve.