Ann: Adriatic to be acquired by Dundee Precious Metals, page-89

I agree......To address these very reasonable concerns questions ADT needs to be transparent on their internal financial modelling.

Raising $80M to increase the plant would be supported by detailed financial modelling reflecting an updated NPV and cashflows. This needs to be shared.... C1L and DPM changed course from strongly supporting the expansion to accepting the take-over. The change of financial outcomes must have been shown to them......again..... This needs to be shared and explained.......The independent advisers need to explain their detailed review in this context......and include sensitivity analysis demonstrating the impact of different silver and gold prices - DPM used silver prices as low as US$27oz and gold of US$2300oz. This provides a false impression of it's value.

The comparisons also need to be expressed in silver equivalent terms. By changing the cost base to gold equivalent, it is another factor that makes understanding difficult. I calculate costs have been increased significantly in the DPM model.

Without this information shareholders are deprived of a true understanding of what they have and what it's worth.