Based on the above assessment of the orderly realisable values,...

Based on the above assessment of the orderly realisable values, we have valued Fortis in a range of negative $15,000,000 to $16,331,270 – say nil to $16,300,000 with a mid point of $8,150,000.

Net assett backing per share is 0.2264(based on $16331270)

However, this valuation range places no value on the underlying value of the Zhilianskoe and Chelkar potash resource projects.