a few facts instead of disinformation

There is an increasing load of disinformation being dumped on this board (especially by Syringe and Cfstger). For those who are new to PHY, here is a summary of some of the key facts:

1) Last week PHY received indicative bids/proposals from a large number of parties (both domestic and international).

2) A selection of these parties have now been invited by PHY to conduct detailed due diligence, which began yesterday. PHY management/Carnegie Wylie will have selected only those bidders it feels are either offering or potentially offering full value for the company.

Each of these bids/proposals should be confidential, such that each invited bidder is unaware of the price being offered by its competitors.

A number of scenarios are now possible:
3) It is possible that one of these parties will soon demand 'exclusivity'. What this means is that one party will jump the gun and inform PHY management that it is prepared to pay what PHY considers to be an attractive price in return for exclusive rights to the sale.
4) It is also possible that multiple bidders will remain at the end of completing due diligence, in which case a bidding war will ensue: Assuming all bids reflect what PHY management/Carnegie Wylie take to be full value of the company, the highest bid wins.

Since it is only those bids that reflect the full value of PHY that will be considered (keep in mind that this is not a sale of necessity), the key question we (shareholders) should be asking ourselves is: 'What is the internal (confidential) figure that PHY management/Carnegie Wylie are using to value PHY?'

Carnegie Wylie appear to have recently fed the media a figure of $6.50 per share (=A$981mill). This was a strategic move by Carnegie Wylie ahead of recieving first indiciative bids to 'advertise' to the market a ball-park valuation.

Taking this $6.50 figure as a guide, one could assume that the current price ($4.67) is considerably less-then PHY management's internal valuation.