Ann: 1-Page Quarterly Commentary and Appendix 4C - 31 Jan 2016, page-29

Not sure what isn't clear??

Brokers who are trying to win ECM business are more likely to write bullish analyst reports, particularly the smaller ones.

I know Canaccord and the team well and have met their analysts, brokers etc a lot. They are a small cap broker that's for sure...!!! I won't comment on your assertion!!

To come to a $4.60 valuation, they will have had to make numerous very large assumptions, which are always difficult to defend.