The IER is not worth the PDF that it is printed on, let alone...

The IER is not worth the PDF that it is printed on, let alone the $110,000 that they received to write it.

To quote them on page 108:

'We note that the Rollover Shareholders collectively hold approximately 23% of Zenith Energy shares and
they will form a separate class of shareholders for the purposes of the Scheme'

That would be a material error Messers James & De Cain. Now go back and do it properly including the real valuation range.