independant expert - not fair but resonable?

'The Independent Expert has come to the conclusion that the intended acquisition of at least 75% of the
issued shares in Hot Shot is not fair but reasonable and in the best interests of the non?]associated
shareholders of Mooter.'

Hmmmm

'We have considered the terms of the Transaction as outlined in the body of this report and have
concluded that, in the absence of a superior offer, the Transaction is not fair but reasonable to
Shareholders.
In our opinion, the Transaction is not fair because the value of Hot Shot is less than the value of the
consideration offered. We note that our valuation of Hot Shot has been based on the net assets of Hot
Shot and does not include a value of Hot Shot‟s technology, rights or intellectual property as we do not
have a reasonable basis to value these items for the purpose of an independent expert‟s report. If Hot
Shot‟s technology, rights or intellectual property are to have any future value then this would be a benefit
for Shareholders.
We consider the Transaction to be reasonable because the advantages of the Transaction to Shareholders
are greater than the disadvantages. In particular, Mooter is currently unprofitable and the Company‟s
share price has appreciated significantly since the announcement of the Transaction.'