Ann: Variation of Takeover Bid, page-32

Keep in mind though, that replacement value estimate may not include the very real risks associated with setting up a new project (grid connection delays, cost & time overruns, MLF risk, curtailment risk, community pushback).

The fact of the matter is, an existing wind farm with proven generation characteristics and well-understood and known risks, is worth far more in my eyes than a potential new project because of those risks.

These risks translate to a premium for existing projects, which I think we should be receiving as shareholders.