Ann: PS&C Ltd - Notice of General Meeting, page-24

This notice of general meeting and independent experts report is one of the most unbelievable things I have ever read. Everybody should note that the 150m shares expected to be issued for this transaction is now 225m shares based on yesterdays close. Accordingly, we are about to give away about 40% of the combined group in exchange for a couple of domain names and not much else. The forecasts provided fanciful at best, and have no prospect of ever being achieved.

- Lets start with the 'experts' opinion. This is the same expert that only a few weeks ago couldn't bring themselves to use an EBITDA valuation multiple for the Glass business. If they used the same rationale they used here, they would have put a valuation on Glass of more than $15m (potentially a lot more), rather than the $1m they decided was fair.
- Directors - I'm still trying to find the connection between respring and the Directors/other insiders of PSZ to make sense of this ridiculous proposal. The independent experts report makes only very limited mention that there are no common directorships between the 2 companies, but it doesn't comment on any other common interests. I'll keep digging.
These Directors saw no benefit in retaining the fast growing profitable Glass business in a high growth segment, but see incredible opportunity in a business that I would struggle to justify paying $1 for.

I'm still digging into more aspects of this, so more to come.