Gary, I would contact one of the analysts who were covering the...

Gary, I would contact one of the analysts who were covering the company. They would be able to articulate the issues with the valuation in the right language.

One of the obvious issues I would look at is share price at December 31 (when valuation was done) and then compare to the uplift in the small caps, All Ords or Asx300 this calendar year. That uplift should be added to December 31 SP and then add a 35% premium.

Also that 30-35% premium as an average for ASX company TO's should not be generalized as small caps and recently sold down companies would have a much higher premium.

Though I no longer NTC, this dishonest stitch up of a valuation is a disgrace. It was paid for by shareholders and directors have hand picked the valuer for an outcome.

I definitely would not be selling out now if I was a holder as this document today allows another bidder to do the sums and look at the conditions of the bid in order to make an offer.