As per todays ann. Independent valuation for WFE in the range of...

As per todays ann. Independent valuation for WFE in the range of 60 to 80c

In assessing the value of the WFE securities, we have also considered generally accepted valuation methodologies including a Discounted Cash Flow (DCF), a capitalisation of maintainable earnings (CME) and an asset-based valuation.
No assessment has been made based upon a CME approach to the valuation, due to an inability to form a reliable assessment of maintainable earnings. This is because: ?? the earnings history of WFE has been consistently negative, with no profits being returned since its re-
listing in February 2010; and ?? the company is in exploration phase and has not and will not produce a revenue stream for some
time.
As illustrated in Section 5.5 of this Report, WFE recorded a net loss of $490,000 for the six months to December 2011 and a loss of $1,613,000 for the full year to June 2011.
We have adopted a net assets approach in our valuation of the WFE shares based on the WFE balance sheet as at 31 December 2011. That balance sheet is set out in Section 5.4 of this Report.
We have assessed the value of WFE shares, subject of the Proposal, based on this approach to be in the range of 60.3 cents to 83.2 cents per share.