independent review says accept, page-6

Getting towards the end of the report now which includes the interesting stuff on valuations. Note they discarded DCF valuation of Sandpiper/Meob as not having enough info.

Valuation put on that asset as:

Sandpiper-Meob Project
Low value $0.53mill
Preferred Value $0.88 million
High $0.96 million

Methodology for valuation was the Multiple of Exploration Expenditure Method. Not appropriate in my opinion since we are not wanting to sell. Really the work should have been done to be able to do a DCF valuation. Overall net asset val is between 2-2.8 cents.

Using a Quoted market price valuation (which they think is not appropriate due to it being tightly held) they come up with a range, including 30% premium for control of:
Low 5 cents per share
High 6 cents per share

They then quote MAK on Quoted market price valuation as between 40-53 cents and choose to make the comparison between the two companies on the basis of their very low net asset valuation vs MAKs Quoted market price valuation. Seems a bit like apples and oranges to me?!? The conclusion is not reasonable or fair but fits the desired result.