bonvalue0.20-0.28, page-10

The reason I ask is because flyguy is fired up about the BON valuation interpreting that MAK is overpaying. However the BON valuation is not calculated on the same basis. Using the Market Price valuation method used for MAK val they came up with 5-6 cents including a 30% control premium for BON.

Naturally that makes the offer a bit of a steal for MAK which wouldn't go down to well with BON holders would it? They didn't base their recommendation on BON of MP valuation due to it's low liquidity, a fact that imo opinion is only moderately material if there is no reason for BON holders to have to sell.

Instead they have used a Multiple of expenditure valuation method which contains a whole lot of guess work. The appropriate method should have been a DCF forecast but they claimed to have insufficient information for that. From a BON holders perspective the timing is all very fortuitous for a MAK takeover. Having read the entire target statement I would be very confident that if the same Multiple of Ex method was applied to MAK flyguy would be very distressed about the valuation it would put on the company.

Be that as it may, ultimately I don't really care if BON gets taken over as long as I get an effectively reasonable amount for my shares so come on MAK wooshers - get the MAK share price up!!!