The independent report isn't very exciting. It reckons one consolidated (20:1) ACL share should be worth about 10c pre-transaction and 6c post transaction, so the transaction is considered to be "Un fair" for existing shareholders. It does however consider the transaction reasonable given the other option that lay ahead, including de-listing in a couple of months if nothing else turns up.
That said, it only values ACL at $200-$400k right now which the market obviously didn't. APH looks to be growing fast, so all of this may be irrelevant.
Ann: Notice of AGM, Independent Expert's Report & Proxy Form, page-4
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