an important issue with the expert's report, page-2

Geraldine, big respect to Your research. Real great work.

I myself am doubting, if the report is really independent? If so, all the informations given before from the management - about the values and calculations would have been wrong? And all the independent recommending investment houses too? And what about the FS?

The management of ELM was the orderer for this report and no report institution would contradict his orderer in his sought of price!

I'm sure if You would order another one, You would have a lot of different assumptions.

I cannot see that ELM's management represents Shareholder-value.