Ann: Tassal enters into Scheme Implementation Deed with Cooke, page-19

That EV/EBITDA is based on FY22 results, its from the report.

The wording of the condition say "an independent expert concluding (and continuing to conclude) that the Scheme is fair and reasonable and in the best interests of Tassal shareholders (other than Cooke)"

So the independent expert will have to conclude that the current deal is 'fair and reasonable' now and upto implementation of the deal.

In the Huon takeover booklet, they considered an EV/EBITDA of around 10, but they found international Salmon producers traded on an EV/EBITDA of 24, which was a low point for the industry, they projected average EV/EBITDA would fall to a bit over 10, but those projections are probably very very wrong given they were done pre inflation and food and energy scarecity.