The Preliminary Report is subject to audit & as such you would think the Directors have the valuation correct. Any downward valuation by the Auditors.... then its run for the doors. Any higher valuation should be shown.
A valuation of the TSI India business would have been done before an offer was made for the balance of TSI. This valuation must have come in at around $40m to justify the carrying value of $9,750,000. CX might have a valuation of their business in TSI of around $60m i suggest as they were after $45m (i think) for 75%. So valuation of TSI would be closer to $40m imo.
My thoughts. Cheers
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