It's not fair. But it's reasonable., page-8

Expert still recommends to vote for it.

Ya strange use of the English language. I did have to re-read a few pages for it to make sense. "Fair" has a legal definition in this regard as given below:

"fair, when the value of the consideration is equal to or greater than the value of the shares subject to the
proposed scheme. The comparison must be made assuming 100% ownership of the target company (i.e.
including a control premium)"

"reasonable", if it is fair, or, despite not being fair, after considering other significant factors, shareholders
should accept the offer under the proposed scheme, in the absence of any higher bids before the close of
the offer.

Hope we didn't have to pay for that letter.