Ann: Scheme of Arrangement and Demerger, page-115

shthcop,

1) The expert opinion report will say "The current share price is 2.6c therefore the offer is fair", "there are no other offers therefore the offer is reasonable". Expert opinion is there to rubber stamp 90% of the time. I suggest you look at expert opinions from any previous 'friendly' takeover bids.

2) Appreciate your efforts for trying to do some financials for KML in 2019 and beyond. However you have relied on C1 costs which does not include administration, royalties, or sustaining capital costs. This would probably eat up all of the $12m free cash flow for 2019 you have and probably more. Have a look at the cash flow from investing statement in 2017 for a clue.

3) what is the estimated capital cost of upgrading the plant to 16mT? Because if it is anything more than 0, noone will fund it. The project is already up to its eyeballs in debt with multiple debt extensions. Lenders for the existing debt, even though they are Chinese, can only be patient for so long.